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Vocabulary for IELTS General Training (Band 6-7) - Finance and Currency

Here, you will learn some English words related to Finance and Currency that are necessary for the General Training IELTS exam.

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Vocabulary for General Training IELTS (6-7)
yen
yen
[noun]

the official currency of Japan, abbreviated as ¥, used for financial transactions and pricing in Japan

Ex: The cost of the meal was 2,000 ¥. 
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rupee
rupee
[noun]

the official currency of India and several other South Asian countries

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note
note
[noun]

paper money issued by a government or financial institution that is used to buy goods and services

Ex: She handed the cashier a ten-dollar note to pay for her groceries. 
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dime
dime
[noun]

a ten-cent coin of Canada and the US

Ex: He placed a dime in the vending machine to buy a small piece of candy. 
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quarter
quarter
[noun]

a coin in the U.S. and Canadian currency systems that is worth 25 cents

Ex: I used a quarter to pay for the parking meter. 
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debit
debit
[noun]

an entry indicating an increase in assets or an expense, and a decrease in debts or income

Ex: The accountant recorded the purchase as a debit. 
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gamble
gamble
[noun]

money or stake that is risked in the hope of gaining a financial reward

Ex: He lost a large gamble at the poker table. 
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incentive
incentive
[noun]

a payment or concession to encourage someone to do something specific

Ex: The company offered a bonus as an incentive for employees who exceeded their sales targets. 
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savings
savings
[noun]

the amount of money that one has kept for future use, especially in a bank

Ex: She diligently set aside a portion of her income each month to contribute to her savings account. 
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loan
loan
[noun]

a sum of money that is borrowed from a bank which should be returned with a certain rate of interest

Ex: She took out a loan to buy her first home, which she plans to repay over 30 years. 
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debt
debt
[noun]

an amount of money or a favor that is owed

Ex: After years of diligent saving, he finally managed to pay off his student debt. 
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overdraft
overdraft
[noun]

a deficit in a bank account caused by withdrawing more money than is available

Ex: The bank charged a fee for the overdraft on her account. 
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tax
tax
[noun]

a sum of money that has to be paid, based on one's income, to the government so it can provide people with different kinds of public services

Ex: April 15th is the deadline for filing income tax returns in the United States. 
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current account

a bank account that allows frequent deposits and withdrawals, typically using checks, with no prior notice required

Ex: They offer free banking services with their current account. 
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loss
loss
[noun]

money that is lost by a company, organization, or individual

Ex: The business reported a significant loss for the quarter due to declining sales. 
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wage
wage
[noun]

money that a person earns, daily or weekly, in exchange for their work

Ex: The company increased the minimum wage for its employees to attract and retain talent. 
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poverty
poverty
[noun]

the condition of lacking enough money or income to afford basic needs like food, clothing, etc.

Ex: Many families in the area live in poverty and struggle to access basic services. 
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tip
tip
[noun]

the additional money we give someone such as a waiter, driver, etc. to thank them for the services they have given us

Ex: The hotel porter received a tip for carrying the luggage to the guests' room. 
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donation
donation
[noun]

something that is voluntarily given to someone or an organization to help them, such as money, food, etc.

Ex: She made a donation to the local animal shelter. 
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tariff
tariff
[noun]

a tax paid on goods imported or exported

Ex: The government imposed a tariff on imported steel to protect domestic producers. 
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cash-back
cash-back
[noun]

money that a person can get in cash when buying something from a store with their debit card, which is then added to the bill they are paying

Ex: The credit card offers cash-back rewards for every purchase made, providing a percentage of the total amount spent back to the cardholder. 
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till
till
[noun]

a machine that is used in restaurants, stores, etc. to calculate the overall price of something, store the received money, and record each transaction

Ex: The cashier quickly rang up the items at the till, making sure to give the customers their change. 
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fundraising

the process or provision of financial aid for something such as a charity or cause, usually through holding special events

Ex: The nonprofit organization organized a fundraising gala to raise funds for cancer research. 
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pension
pension
[noun]

a regular payment made to a retired person by the government or a former employer

Ex: My grandfather's pension allows him to travel during his retirement. 
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lender
lender
[noun]

a person or entity that lends money to other people or organizations

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blockchain

a decentralized digital ledger that records transactions across multiple computers securely

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cryptocurrency

a digital or virtual form of currency secured by cryptography

Ex: Bitcoin is a popular type of cryptocurrency. 
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bitcoin
bitcoin
[noun]

a decentralized digital currency

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