How Do You Legally Get Someone to Pay You Back

Check your vocabulary for TOEFL

MONEY AND FINANCE

Complete sentences and paragraphs 1 – 20 with a word or expression from the box. In each case, the word / expression you need is connected in some way with the word in bold in the same sentence / paragraph (for example, it might have a similar meaning, it might be an opposite, or it might be a word that is sometimes confused with that word). In some cases you might need to change the form of the word in the box.

balance bank bankrupt bargain bill borrow broke bankrupt cash check cost of living credit card credit debt debit deposit discount distribution of wealth dividends economical economize exorbitant expenditure extravagant frugal income income tax inflation inherit insolvent interest in the black in the red invest investment invoice lend loan loss market mortgage on credit overcharged overdraft overpriced pension priceless profit receipt reduction refund salary save savings and loan association shares statement stocks tax / rent (etc) rebate undercharged unemployment / housing / child (etc.) welfare wage wealthy welfare withdraw worthless

1	Income is the money you receive (your wage or salary is part of your income), and _____________refers to the money you spend.
2	If you lend money, you let someone use your money for a certain period of time. If you _____________ money, you take someone's money for a short time, and then you pay it back.
3	A discount is the percentage by which a full price is reduced in a store. A _____________ is money paid back to a customer when, for example, they return something to a store.
4	If a person or company is insolvent , they have lost all their money. If a person or company is _____________, they have lost all their money, have then borrowed a lot, and cannot pay it back.
5	A bank statement is a detailed written document from a bank showing how much money has gone into and come out of a bank account. A _____________ is the amount of money you have in your bank account.
6	If your bank account is in the red , the amount of money you have spent is greater than the money you have made, and so you have less than $0 in your bank account. If your account is _____________, you have more than $0 in your bank account.
7	An invoice is a note, or bill, sent to you to ask for payment for goods or services, and a _____________ is a note (from a store, for example) which shows how much you have paid for something.
8	When you make a profit , you gain money from selling something which is more than the money you paid for it. When you make a _____________, you have spent money which you have not gotten back.
9	Something which is overpriced is too expensive. Something which is _____________ costs much more than its true value.
10	If you save money, you keep it so that you can use it later. If you _____________ money, you put it into property, stocks, etc., so that it will increase in value.
11	A wage and a _____________ are both money you receive for doing a job, but the first is usually paid daily or weekly and the second is usually paid monthly.
12	A worthless object is something which has no value. A _____________ object is an extremely valuable object.
13	If you deposit money in an account, you put money into the account. If you _____________ money, you take it out of your account.
14	If you have been undercharged , you have paid less than you should have for goods or services. If you have been _____________, you have paid too much.
15	Extravagant describes someone who spends a lot of money. _____________ describes someone who is careful with money.
16	A bill is a piece of paper showing the amount of money that you have to pay for goods or services. A _____________ is the same thing, but shows what you have to pay after a meal in a restaurant.
17	When you credit an account, you put money into it. When you _____________ an account, you take money out of it.
18	A bank is a business which holds money for its clients, and deals with money generally. A _____________ is similar, but is usually used by people who want to save money, or to borrow money to buy a house.
19	A loan is money that you borrow from a bank to buy something. A _____________ is similar, but in this case the money is only used to buy property.
20	A loan is money that you borrow from a bank, where a formal arrangement has been made with the bank to borrow it. An _____________ is the amount of money that you take out of your bank account, which is more than there is in your account. It is usually done without making a formal arrangement with your bank.

Exercise 2

Use your dictionary to check the meanings of the other words and expressions in the box. Note that many of them can have more than one grammatical function without changing their form (for example, balance can be a noun and a verb). Also note that some of the words can have more than one meaning (for example, a bill is a banknote, and it is also a piece of paper showing you how much you have to pay for a product or service).

Exercise 3

Complete this conversation with appropriate words and expressions from the box in Exercise 1. You may need to change the form of some of the words.

"Financial advice from a father to a son"

In the play "Hamlet" by William Shakespeare, a father gives his son some financial advice. "Neither a borrower nor a lender be", he says. He is trying to tell his son that he should never (1) _____________ money from anyone because it will make it difficult for him to manage his finances. Likewise he should never give a (2) _____________ to a friend because he will probably never see the money again, and will probably lose his friend as well.

The play was written over four hundred years ago, but today many parents would give similar advice to their children. Imagine the conversation they would have now.

Jim:	Right dad, I'm off to college now.
Dad:	All right son, but let me give you some sound financial advice before you go.
Jim:	Oh come on dad…..
Dad:	Now listen, this is important. The first thing you should do is to make sure you balance your (3) _____________ – the money you receive from me and mom – and your (4) _____________ – the money you spend. If you spend too much, you will end up with an (5) _____________ at the bank. Don't expect me to pay it for you.
Jim:	But it's so difficult. Things are so expensive, and the (6) _____________ goes up all the time. (7) _____________ is running at about 10%.
Dad:	I know, but you should try to (8) _____________. Avoid expensive stores and restaurants. Also, leave your money in a good local (9) _____________ account . They offer a much higher rate of (10) _____________ than banks. Also, avoid buying things (11) _____________.
Jim:	Why?
Dad:	Because some stores charge you an (12) _____________ amount of money to buy things over a period of time. It's much better to (13) _____________ a little bit of money each week so that when you see something you want, you can buy it outright. Try to wait for the sales, when stores offer huge (14) _____________ and you can pick up a (15) _____________. And try to get a (16) _____________.
Jim:	How do I do that?
Dad:	Easy. When you buy something, ask the store if they'll lower the price by, say, 10%. Next, when you eventually get a job and are earning a good salary, try to (17) _____________ the money in a good company. Buy (18) _____________ in government organizations or (19) _____________ in private companies.
Jim:	OK dad, I've heard enough. Thanks for the advice. It's been (20) _____________.
Dad:	Well, it's true what they say: there are some things that money just can't buy.

Exercise 4

Now try this essay. Use words and expressions from the vocabulary box in Exercise 1, and any other words or expressions that you think would be relevant.

Some people say that "Money makes the world go round"; others say that "Money is the root ofall evil". Which of these do you agree with? Use examples and details in your answer.

ANSWER KEY

How Do You Legally Get Someone to Pay You Back

Source: https://englishexercisesources.blogspot.com/2019/04/money-and-finance-check-your-vocabulary.html

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