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level: Level 1

Questions and Answers List

level questions: Level 1

Question	Answer
money that is owed and should already have been paid	ARREARS
automated teller machine: a machine, usually in a wall outside a bank, shop, etc. from which you can take money out of your bank account using a special card	ATM
a situation in which a business or a person becomes bankrupt	BANKRUPTCY
something on sale at a lower price than its true value	BARGAIN
an extra amount of money that is given to you as a present or reward for good work as well as the money you were expecting	BONUS
to (cause a cheque to) not be paid or accepted by a bank because there is no money in the account	BOUNCE
the activity of buying large quantities of a product, especially to get cheaper prices	BULK BUYING
a machine, usually in a wall outside a bank, from which you can take money out of your bank account using a special card	CASH MACHINE
the amount of money that you have to pay for something, especially for an activity or service	CHARGE
a payment to someone who sells goods that is directly related to the amount sold, or a system that uses such payments	COMMISSION
to take a possession away from someone when you have the right to do so, usually as a punishment and often for a limited period, after which it is returned to the owner	CONFISCATE
to want to have something very much, especially something that belongs to someone else	COVET
someone who money is owed to	CREDITOR
the money that is used in a particular country at a particular time	CURRENCY
a bank account that you can take money from at any time and that usually earns little or no interest	CURRENT ACCOUNT
a tax paid on goods imported into a country	CUSTOMS TAX
something, especially money, that is owed to someone else, or the state of owing something	DEBT
someone who owes money	DEBTOR
to persuade someone that something false is the truth, or to keep the truth hidden from someone for your own advantage	DECEIVE
to take away an amount or part from a total	DEDUCT
to put something valuable, especially money, in a bank or safe	DEPOSIT
to feel a strong dislike for someone or something because you think that that person or thing is bad or has no value	DESPISE
an arrangement for making payments, usually to an organization, in which your bank moves money from your account into the organization's account at regular times	DIRECT DEBIT
a reduction in the usual price	DISCOUNT
(a part of) the profit of a company that is paid to the people who own shares in it	DIVIDEND
the money that the government gives to people who are unemployed	DOLE
the total amount of money that a government or person spends	EXPENDITURE
the act of getting something, especially money, by force or threats	EXTORTION
to use something, especially a form of financial support, when other things have failed	FALL BACK ON STH
the money that you pay for a journey in a vehicle such as a bus or train	FARE
an amount of money paid for a particular piece of work or for a particular right or service	FEE
careful when using money or food, or (of a meal) cheap or small in amount	FRUGAL
the quality of being careful when using money or food	FRUGALITY
a situation in which people eat and drink more than they need to	GLUTTONY
gross national product; the total value of all the goods and services produced by a country in a year including income from foreign investments, divided by the number of people living there	GNP per capita
the act of arguing about the price of something in an attempt to make the seller reduce it	HAGGLING
a sign or symbol used by manufacturers of products made from gold, silver, or platinum that shows that the metal is of good quality, as well as the date and place it was manufactured	HALLMARK
having very little money	IMPECUNIOUS
a tax that you have to pay on your income, usually higher for people with larger incomes	INCOME TAX
a tax paid on money or property you have received from someone who has died	INHERITANCE TAX
one of a number of parts into which an amount of money that is owed has been divided. Payments are made regularly until the total amount has been paid back	INSTALMENT
money that is charged by a bank for borrowing money or money that you earn from keeping your money in an account in a bank	INTEREST
Internal Revenue Service (= the part of the US Treasury Department that collects most taxes owed to the federal government, including income tax)	IRS
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	LOAN
a test to see if a product or service is bought or liked by a small group of customers in a small area. If the market test succeeds, the product can be made available to more customers or if not, it can be changed and tested again	MARKET TEST
an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself	MORTGAGE
to take more money out of your bank account than the account contains	OVERDRAW
a way of behaving that is intended to deceive people	PRETENCE
the difference between the total cost of making and selling something and the price it is sold for	PROFIT MARGIN
careful and avoiding risks	PRUDENT
something such as a piece of paper or message proving that money, goods, or information have been received	RECEIPT
an amount of money that is given back to you, especially because you are not happy with a product or service that you have bought	REFUND
something that is not worth what you pay for it	RIP-OFF
a fixed amount of money agreed every year as pay for an employee, usually paid directly into his or her bank account every month	SALARY
a part of something that has been divided between several people	SHARE
the degree to which people have money to buy products and services	SPENDING POWER
a record of the amounts of money paid into and taken out of your bank account during a particular period of time	STATEMENT
a person or company that buys and sells stocks and shares for other people	STOCKBROKER
a will that someone makes, saying what should be done with their money and property after they die	TESTAMENT
behaving in a way that is dishonest or unfair in order to get what you want	UNSCRUPULOUS
value added tax (= a type of tax in European countries that is paid by the person who buys goods and services)	VAT
a particular amount of money that is paid, usually every week, to an employee, especially one who does work that needs physical skills or strength, rather than a job needing a college education	WAGE
a large amount of money or valuable possessions that someone has	WEALTH
help given, especially by the state or an organization, to people who need it, especially because they do not have enough money	WELFARE
someone who buys and sells goods in large amounts to shops and businesses	WHOLESALER
an official statement of what a person has decided should be done with their money and property after their death	WILL
to take money out of an account	WITHDRAW
a young person who lives in a city, earns a lot of money, and spends it doing fashionable things and buying expensive possessions	YUPPIE