1. MONEY AND INCOME PROFESSIONAL ENGLISH IN USE FOR FINANCE

 

PROFESSIONAL ENGLISH IN USE FOR FINANCE 1. MONEY AND INCOME

 

A Currency The money used in a country – euros, dollars, yen, etc. – is its currency. Money in notes (banknotes) and coins is called cash. Most money however, consists of bank deposits: money that people and organizations have in bank accounts. Most of this is on paper – existing in theory only – and only about ten per cent of its exists in the form of cash in the bank. B Personal finance All the money a person receives or earns as payment is his or her income. This can include: Salaries and wages are often paid after deductions such as social security charges and pension contributions. Amounts of money that people have to spend regularly are outgoings. These often include: A financial plan, showing how much money a person or organization expects to earn and spend is called a budget.   EXERCISES 1.1 Complete the sentences with words from the box. Look at A and B opposite to help you. commission bonus currency earn mortgage tax overtime pension rent salary social security           1 After I lost my job, I was living on ______________ for three months. This was difficult, because the amount was much lower than the ______________ I had before. 2 I used to work as a salesperson, but I wasn’t very successful, so I didn’t ______________ much ______________. 3 If the company makes 10% more than last year, we’ll get a ______________ at the end of the year. 4 It’ll take me at least 25 years to repay the ______________ on my house 1.2 Are the following statements true or false? Find reasons for your answers in A and B opposite. 1 Bank deposits are not classified as money. 2 People earning wages get paid more often than people earning a salary

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