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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
[noun]

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

Ex: He yen to his account from his international bank .
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rupee
[noun]

the official currency of India and several other South Asian countries

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note
[noun]

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

Ex: The crisp , note felt fresh between her fingers as she counted her money .
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dime
[noun]

a ten-cent coin of Canada and the US

Ex: The charity drive asked people to donate even dime to help those in need .
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quarter
[noun]

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

Ex: I found a quarter on the sidewalk while walking to work .
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debit
[noun]

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

Ex: The software automatically debits and credits .
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gamble
[noun]

money bet on a chance to win more

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incentive
[noun]

a payment or concession to encourage someone to do something specific

Ex: The government introduced subsidies as incentive for farmers to adopt sustainable agricultural practices .
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savings
[noun]

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

Ex: The government encourages citizens to save by offering tax incentives for contributions to retirement savings accounts.
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loan
[noun]

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

Ex: They applied for loan to expand their business operations .
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debt
[noun]

an amount of money or a favor that is owed

Ex: He repaid his friend , feeling relieved to be free of the debt he had owed for so long .
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overdraft
[noun]

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

Ex: overdraft occurred because of an automatic bill payment .
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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: Businesses are required to collect and report taxes to the government.
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a bank account that allows frequent deposits and withdrawals, typically using checks, with no prior notice required

Ex: You can easily access your funds with current account at most banks .
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loss
[noun]

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

Ex: Insurance helped cover some of loss caused by the natural disaster .
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wage
[noun]

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

Ex: The government implemented policies to ensure fair wages and improve living standards for workers.
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poverty
[noun]

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

Ex: The charity focuses on providing food and shelter to those poverty.
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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: He forgot to leave tip for the hairdresser after his haircut , so he went back to the salon to give it to her .
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donation
[noun]

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

Ex: They appreciated the donation from the community .
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tariff
[noun]

a tax paid on goods imported or exported

Ex: Businesses are concerned about tariff increases that could impact their supply chain costs .
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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: Many banks cash-back bonuses for opening a new account or meeting certain requirements .
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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: During the audit , they found a discrepancy in till, prompting a review of the transactions from the previous week .
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the process or provision of financial aid for something such as a charity or cause, usually through holding special events

Ex: The university alumni association hosts fundraising events to provide scholarships for students in need.
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pension
[noun]

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

Ex: Government employees often receive pension as part of their retirement benefits .
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lender
[noun]

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

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a decentralized digital ledger that records transactions across multiple computers securely

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a digital or virtual form of currency secured by cryptography

Ex: Many online stores now cryptocurrency as payment .
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bitcoin
[noun]

a decentralized digital currency

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