Unit 5B

Word

Definition

Example

budget

an estimate of income and expenditure for a set period of time

'Titanic' was a really high budget movie.

grant

a sum of money given by an organization, especially a government, for a particular purpose

He has been offered a grant to go to Harvard University for a term

loan

a thing that is borrowed, especially a sum of money that is expected to be paid back with interest

Borrowers can take out a loan for $84,000

scholarship

an amount of money given by a school, college, university, or other organization to pay for the studies of a person with great ability but little money

He was awarded scholarships in anatomy and pathology

cost a fortune

to be extremely expensive

This trip cost a fortune.

fee

a payment made to a professional person or to a professional or public body in exchange for advice or services

For a nominal fee, they will deliver orders to customers' homes

fare

the money paid for a journey on public transport

Air fares have shot up by 20 percent this year.

quote

a written statement of how much something will cost, for example some building work

I was wondering if I could get a quote for delivery.

donation

money or goods that you give to an organization

My dad often gives donations to charities

fine

an amount of money that has to be paid as a punishment for not obeying a rule or law

The maximum penalty for the offence is a $1,000 fine.

instalment

a sum of money due as one of several equal payments for something, spread over an agreed period of time

I'm reading the first instalment of a science fiction trilogy

deposit

money that you pay when you rent something such as an apartment or car, which will be given back if you do not damage it

It costs $2,000 a week to rent the yacht, with a $200 refundable deposit

will

an official statement of what a person has decided should be done with their money and property after their death

She left me some money in her will.

lump sum

money in a single large payment rather than small separate payments

Are you going to pay the whole amount in one lump sum?

consumer

a person who buys goods, products or services for their own use, not for business or to re-sell

Consumers are demanding more choice and variety

income

money that is earned from doing work or received from investments

A lot of families need two incomes these days.

inflation

a continuing increase in the prices of goods and services

The rate of inflation was 4 percent last year

cost of living

the amount of money people need in order to buy the things they need

The cost of living is increasing all the time.

interest rate

the percentage of a sum of money charged for its use

People who have loans have to pay high interest rates

in debt

owing money

Ron and Melanie found themselves out of work and deep in debt.

mortgage

a legal arrangement by which you borrow money from a bank or similar organization in order to buy a house, and pay back the money over a period of years.

A mortgage is the biggest loan that most people will have in their lifetime

currency

a system of money in general use in a particular country

In 1971, Britain switched over to a decimal currency

stock market

a stock exchange

The Kuwait stock market closed up three points

exchange rate

the value of one currency for the purpose of conversion to another

Exchange rates are changing fast

bankrupt

not having enough money to pay your debts and so not allowed to continue any business activities

A lot of people will lose their jobs if the company goes bankrupt

recession

a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters

A lot of companies have been adversely affected by the recession

affluent

Generously supplied with money, property, or possessions; prosperous or rich. Plentiful; abundant.

Do you think that landlords in affluent areas take vouchers?

well-off

having a lot of money, or enough money to have a good standard of living

Many pensioners are less well-off than they used to be

penniless

having no money; very poor

She arrived in 1978 as a virtually penniless refugee

hard up

short of money

I'm always hard up by the end of the month

broke

without money

Can I borrow some money? I'm broke