Vocabulary for IELTS General Training (Band 8-9) - 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 (8-9)

price fixing

[noun]

an agreement between business rivals to not sell products at a lower price

Ex: Price fixing undermines the principles of free market competition and can harm consumers by limiting choices and driving up prices .

alimony

[noun]

the money that is demanded by the court to be paid to an ex-spouse or ex-partner

Ex: The judge considered various factors in determining the amount of alimony to be paid .

arrears

[noun]

an unpaid debt that is past due

Ex: Sarah finally cleared her tax arrears by entering into a payment plan with the IRS , relieving her of a considerable financial burden .

collateral

[noun]

a loan guarantee that may be taken away if the loan is not repaid

Ex: The entrepreneur pledged his stock portfolio as collateral to secure the business loan needed to expand his company .

contingency

[noun]

the funds that are set aside for unforeseen expenses that may arise in the future

Ex: Personal finance experts recommend building a contingency fund equivalent to three to six months ' worth of living expenses to provide a financial buffer in case of job loss or medical emergencies .

lump sum

[noun]

a single, large payment made in full, instead of smaller payments made over time

Ex: Employees who resign from the company often receive a lump sum payment for their unused vacation days upon departure .

overhead

[noun]

the regular costs required for maintaining a business or an organization

Ex: Overhead can vary widely depending on the size and location of the organization.

top-up

[noun]

an extra amount of money added to an existing sum so that it reaches the required total

Ex: As my prepaid phone plan was running low on minutes, I went online to top up my account before it expired.

bubble

[noun]

a rapid trend of increase in prices that eventually leads to a collapse

Ex: Central banks closely monitor asset prices to identify and mitigate the risks associated with the formation of bubbles in financial markets .

face value

[noun]

the price that is imprinted on a product

Ex: Despite its low face value, the collectible coin was worth significantly more to enthusiasts due to its rarity and historical significance .

outlay

[noun]

an amount of budget dedicated to something

Ex: The family 's outlay for healthcare expenses has risen sharply in recent years , prompting them to explore more affordable insurance options .

receivables

[noun]

the amount of unpaid debt that a company expects to receive from its customers or another company

Ex: The accountant reconciled the receivables ledger to ensure that all invoices and payments were accurately recorded .

seed money

[noun]

the initial amount of money needed to start a business or project

Ex: As a crowdfunding campaign stretch goal , the project creators aimed to raise enough seed money to establish a small business around their innovative product idea .

stake

[noun]

an amount of money invested in a business

Ex: The family-owned business decided to sell a minority stake to raise funds for expansion .

nickel

[noun]

a five-cent coin of Canada and the US

Ex: He did n't have a nickel to his name after spending all his money on rent .

corkage

[noun]

an amount of money charged by a restaurant for drinking a wine that was bought from somewhere else by the customer

Ex: The bistro offers a corkage-free Monday, encouraging guests to bring their own wine without extra cost.

gratuity

[noun]

an additional amount of money given to someone for their services

Ex: The chauffeur provided excellent service , so we gave him a gratuity in appreciation for his professionalism .

building society

[noun]

a financial instituion that offers loans or interest for the money invested there

cash dispenser

[noun]

an automatic machine that allows people to withdraw money or do other banking operation using a debit card

clearing house

[noun]

a financial institution that oversees exchanging cheques and other financial transactions

Ex: The clearing house conducts daily settlements to ensure that trades are settled promptly and accurately , reducing systemic risk in the financial system .

giro

[noun]

a predominantly european system that allows different institutions within a country to electronically transfer money

Ex: When traveling within Europe , Jack found it convenient to use the giro system for transferring money between his accounts in different countries .

line of credit

[noun]

the maximum amount of loan that a customer is allowed to receive

Ex: The student obtained a line of credit from a financial institution to help cover tuition and living expenses while attending university .

fintech

[noun]

the technological innovation in financial services

Ex: Governments around the world are recognizing the potential of fintech to drive financial inclusion and economic growth , implementing supportive policies and regulations to foster innovation in the sector .

pension pot

[noun]

the total accumulated savings set aside for retirement

Ex: Upon reaching retirement age , individuals can choose to withdraw a lump sum or receive regular payments from their pension pot to support their living expenses .

child support

[noun]

a regular payment from one parent to financially support the child after a divorce

Ex: Parents can work together to establish a fair child support arrangement outside of court , often with the help of a mediator .

corporate welfare

[noun]

subsidies, incentives, or benefits given by the government to big or growing businesses and corporations

Ex: Transparency advocates call for greater oversight and accountability in the distribution of corporate welfare to ensure that the funds are used effectively .

curtailment

[noun]

the act of reducing or limiting something in order to reach financial stability

Ex: Curtailment of capital expenditures was necessary to preserve cash flow during the financial downturn.

to wind down

[Verb]

to slowly reduce the activity of a business or organization, leading to its eventual closure

Ex: The board of directors voted to wind the organization down and distribute its remaining assets.

Vocabulary for IELTS General Training (Band 8-9)

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Vocabulary for IELTS General Training (Band 8-9) - Finance and Currency