Apr 14, 2016

Finance English practice: Unit 1 — Money and Income
22 cards
, 71 answers
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  • Complete the sentences below. Use the key words if necessary.
    • Currency

      key words
      currency      ○      notes      ○      coins      ○      cash      ○      bank deposits      ○      on paper


      The money used in a country — euros, dollars, yen, etc. — is its . Money in (banknotes) and is called . Most money, however, consists of : money that people and organizations have in bank accounts. Most of this is — existing in theory only — and only about ten per cent of it exists in the form of cash in the bank.

      Personal finance



      • key words
        earns      ○      income      ○      salary      ○      wages      ○      overtime      ○      commission      ○      bonus      ○      fees      ○      social security      ○      pension      ○      outgoings      ○      living expenses      ○      bills      ○      rent      ○      mortgage      ○      health insurance      ○      tax      ○      budget


        All the money a person receives or as payment is his or her . This can include:
        • a : money paid monthly by an employer, or : money paid by the day or the hour, usually received weekly
        • : money received for working extra hours
        • : money paid to salespeople and agents — a certain percentage of the income the employee generates
        • a : extra money given for meeting a target or for good financial results
        • : money paid to professional people such as lawyers and architects
        • : money paid by the government to unemployed and sick people
        • a : money paid by a company or the government to a retired person.

        Salaries and wages are often paid after deductions such as social security charges and pension contributions.

        Amount of money than people have to spend regularly are . These often include:
        • : money spent on everyday needs such as food, clothes and public transport
        • : requests for the payment of money owed for services such as electricity, gas and telephone and internet connections
        • : the money paid for the use of a house or flat
        • a : repayments of money borrowed to buy a house or flat
        • : financial protection against medical expenses for sickness or accidental injuries
        • : money paid to finance government spending.

        A financial plan, showing how much money a person or organization expects to earn and spend is called a .

      • British English or American English?
        • note or banknote
          • British English
          • American English

        • bill
          • British English
          • American English

        • social security
          • American English
          • British English

        • welfare
          • American English
          • British English

        • flat
          • British English
          • American English

        • apartment
          • American English
          • British English

      • Complete the sentences with correct words
        • After I lost my job, I was living on  . . . 
          social security
          for three months. This was difficult, because the amount was much lower than the  . . . 
          salary
          I had before.
          • rent | bonus
          • social security | salary

        • I used to work as a salesperson, but I wasn’t very successful, so I didn’t  . . . 
          earn
          much  . . . 
          commission
          .
          • salary | bonus
          • earn | commission

        • If the company makes 10 % more than last year, we’ll all get a  . . . 
          bonus
          at the end of the year.
          • bonus
          • salary
          • overtime

        • It’ll take me at least 2.5 years to repay the  . . . 
          mortgage
          on my house.
          • mortgage
          • tax
          • rent

        • Many European countries now have the same  . . . 
          currency
          , the euro.
          • salary
          • currency
          • tax

        • My wages aren’t very good, so I do a lot of  . . . 
          overtime
          .
          • overtime
          • earn
          • bonus

        • Nearly 40% of everything I can earn goes to the government as  . . . 
          tax
          .
          • tax
          • bonus
          • social security

        • The owner has just increased the  . . . 
          rent
          on our apartment by 15%.
          • rent
          • commission
          • mortgage

        • When I retire, my  . . . 
          pension
          will be 60% of my final salary.
          • salary
          • bonus
          • pension

      • Are the following statements true or false?
        • Bank deposits are not classified as money. clue
          — Most money consists of bank deposits.
          • false
          • true

        • People earning wages get paid more often than people earning a. clue
          — Salaries are usually paid monthly and wages are usually paid weekly.
          • true
          • false

        • People working on commission always get paid the same amount. clue
          — Commission is a percentage of the income they generate, which can change.
          • false
          • true

        • When you stop working at the end of your career, you receive a pension. clue
          — Money paid by a company or the government to a retired person is a pension.
          • true
          • false

        • Most people pay a rent and a mortgage. clue
          — Most people pay one or the other, depending on whether they are buying or renting their home.
          • true
          • false

      tags: Business & Finance English • Professional English in Use Finance • Ian MacKenzie
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