Words related to money

Question 1

SALARY

Answer 1

The money you’re paid for working.

E.g The government has decided to increase salaries for all civil servants.

Question 2

ALLOWANCE

Answer 2

Money that you’re given by someone, for example, your parents.
E.g I couldn’t have managed at college if I hadn’t had an allowance from my parents.

Question 3

PROFIT

Answer 3

Money that you get from selling something for more than it cost you to buy or produce.
E.g It’s very hard for a new business to make a profit in its first year.

Question 4

INVESTMENT

Answer 4

The money that you put in a bank, business, etc. in order to make a profit.
E.g This bank account requires a minimum investment of £1,000.

Question 5

INCOME

Answer 5

The money that you regularly get, for example from your job.

E.g Many families are on low incomes.

Question 6

BUDGET

Answer 6

A plan that shows how much money you have and how you will spend it.
E.g I need to budget hard if I want to go on a holiday.

Question 7

ON LOAN

Answer 7

When we borrow money, This means that at some point the money will have to be paid back. Anything that we are currently using but will have to pay back in the future is considered to be on loan.
E.g I got the money for my iPhone on loan from my dad.

Question 8

MONEY BURNS A HOLE IN SOMEONE’S POCKET

Answer 8

An expression decribing someone who spends money as soon as it is earned.
E.g When she’s at the mall, money just burns a whole in her pocket.

Question 9

RESALE VALUE

Answer 9

The ‘resale value’ of something is the amount of money we can get if we sell it again.
E.g Rolex watches have a high resale value.

Question 10

BUDGET

Answer 10

The word ‘budget’ is a verb. It means to plan how much money we will spend each day, week, month or year.
E.g My budget is small while I’m at school.

Question 11

OWE

Answer 11

To need to pay or give something to someone because they have lent money to you, or in exchange for something they have done for you.
E.g I owe you a drink for helping me move.

Question 12

LOAN

Answer 12

An amount of money that is borrowed, often from a bank, and has to be paid back, usually together with an extra amount of money that you have to pay as a charge for borrowing.
E.g She’s trying to get a $50,000 loan to start her own business.

Question 13

DEBT

Answer 13

Something, especially money, that is owed to someone else, or the state of owing something.
E.g The company is deep in debt.

Question 14

AMOUNT

Answer 14

A quantity of money.

E.g She was so disappointed with the service she refused to pay the full amount.

Question 15

NOTE

Answer 15

A piece of paper money.

E.g A €20 note.

Question 16

RECEIPTS

Answer 16

The amount of money received during a particular period by a business or government.
E.g Tax receipts.

Question 17

CREDIT

Answer 17

An arrangement that you make, with a shop for example, to pay later for something you buy.
E.g He’s a bad credit risk (= he is unlikely to pay the money later).

Question 18

RENT

Answer 18

A fixed amount of money that you pay regularly for the use of a room, house, car, television, etc. that someone else owns.
E.g Rents here are ridiculously high/low.

Question 19

INTEREST

Answer 19

Money that you earn from keeping your money in an account in a bank or other financial organization.
E.g You should put the money in a savings account where it will earn interest.

Question 20

LEND

Answer 20

To give something to someone for a short period of time, expecting it to be given back.
E.g She doesn’t like lending her books.

Question 21

ECONOMIZE

Answer 21

To try to save money by reducing the amount that you are spending.
E.g You could economize on food by not eating in restaurants all the time.

Question 22

AFFORD

Answer 22

To have enough money or time to buy, keep, or do something.

E.g I don’t know how he can afford a new car.

Question 23

SPEND

Answer 23

To give money as a payment for something.

E.g We spent a fortune when we were in New York.

Question 24

CHEQUE

Answer 24

A printed form, used instead of money, to make payments from your bank account.
E.g I wrote him a cheque for £50.

Question 25

CUSTOMER

Answer 25

A person who buys goods or a service.

E.g Mrs Wilson is one of our regular customers.

Question 26

BILL

Answer 26

A request for payment of money owed, or the piece of paper on which it is written.
E.g Could we have the bill, please?

Question 27

ACCOUNT

Answer 27

An arrangement with a bank to keep your money there and to allow you to take it out when you need to.
E.g I’ve opened an account with a building society.

Question 28

PLASTIC

Answer 28

Credit cards or debit cards, rather than money in the form of notes, coins, or cheques.
E.g I’d prefer a restaurant where they take plastic.

Question 29

TIP

Answer 29

To give someone who has provided you with a service an extra amount of money to thank them.
E.g The taxi driver was so rude to her that she didn’t tip him.

Question 30

CARD

Answer 30

A small, rectangular piece of card or plastic, often with your signature, photograph, or other information proving who you are, that allows you to do something, such as make a payment, get money from a bank, or enter a particular place.
E.g You usually have to show your (membership) card at the door.

Question 31

BET

Answer 31

To risk money on the result of an event or a competition, such as a horse race, in the hope of winning more money.
E.g He regularly goes to the races and bets heavily.

Question 32

BARGAIN

Answer 32

Something on sale at a lower price than its true value.

E.g The airline regularly offers last-minute bookings at bargain prices.

Question 33

COINS

Answer 33

A small, round piece of metal, usually silver or copper coloured, that is used as money.
E.g Gold coins

Question 34

FORTUNE

Answer 34

A large amount of money, goods, property, etc.

E.g This dress cost a (small) fortune.

Question 35

PENSION

Answer 35

An amount of money paid regularly by the government or a private company to a person who does not work any more because they are too old or have become ill.
E.g He won’t be able to draw (= receive) his pension until he’s 65.