VOCABULAR

Y
Money vs. Wealth
Unit
money.
4
Wealth: an abundance of valuable possessions or

“Wealth” does not necessarily refer to “money.” It

can refer to things that people value, such as
health, happiness, family, etc.
CLASS DISCUSSION
Take turns reading the statements.
 Discussion
 Can money bring you happiness?
 Are you better at spending money or saving
money - why?
 What do you think "money doesn't grow on
trees" means?
 Do you make a plan? Or do you just spend
as much money as you want to?
 Do you have any resolutions for this year?
In this unit, we’ll learn the vocabulary for daily
transactions with money and talk about our own
habits and beliefs about it. We’re going to learn
about the history of money and consider the
things it can (and can’t) buy. We’ll learn English
expressions used in banking, and finally we’re
going to consider what people value. We’ll look
at money in both a practical and a symbolic
sense.
The history of money may date back more than 100,000 years.
When people first began to exchange goods, some goods were
more valuable than others and could be exchanged for
anything. Necklaces of shell beads may have been one of the
first kinds of money. Later, coins were made from precious
metals, paper money was printed as a substitute for coins,
and in recent decades, most money has come to be
represented by numbers in a computer.

Still, many of the most basic issues about money have

remained unchanged through the years: What is the best way
to save and spend my money? How should I use my money?
And a more philosophical issue: Does money truly make
people happy? On the other hand, wealth does not only refer
to monetary issues. It can refer to things that people value.
Expenses
The amount of money you spend.
 Lend
To give money to another person that they
will give back in the future. To give money to
a person for a period of time.
Borrow
To get money that you will give back in
the future. To receive a loan that you
will return.
Loan
Money that you borrow from the bank.
Common verbs used with loan are "to apply
for a loan," "to take out a loan" and "to pay
off a loan."
Income
The amount of money you receive for
working.
Cash
Money in coins and bills.
Overspend
To spend too much money.
 Budget
A plan for spending your money.
Save (money)
To put money in the bank for
the future.
Interest rate
The percentage (%) charged when you
borrow money.
Debt
Owing money to a bank or a company.
Bargain
Something good for a low price. Something
on sale at a lower price than its true value.
 Circle the correct answer to show the meaning of the
vocabulary word in bold.

1. I borrowed some money from my friend because (she / I) didn’t have any money.
2. You really need a budget. You need (a plan / a wallet) for all your money.
3. If you pay for something with cash, you use (coins and bills / a credit card).
4. I lend money to people in my family if they have (a problem / a birthday).
5. Lisa is in debt. Every month she (pays money to the bank / gets a big salary).
6. If your expenses are high, you (get / spend) a lot of money.
7. Your income is all the money that you (pay / receive).
8. Those jeans are a real bargain. They’re so (expensive / cheap)!
Language Expansion:
Banking
Receipt
A paper that tells how much money you got or
spent.
Teller (Cashier/ Bank Clerk)
A person employed to deal with customers'
transactions in a bank.
 Checking account
A type of account where it is easy for you to access
your money. A bank account that you can use to
pay for things.
Savings account
A type of account that helps you sabe
money.
 Transfer
When money is sent from one bank account
to another.
 Withdraw
When you take money out of your account.
You can also use the expression "to make a
withdrawal."
 Deposit

When you put money into your account.

You can also use the expression "to
make a deposit.
ATM or automatic teller
machine
A machine that lets you withdraw and deposit
money. All you need to do is insert your card
and type in your PIN (personal identification
number).
Online banking

Online banking allows a user to conduct

financial transactions, like manage your bank
accounts, pay your bills and much more.
 Match the banking terms with their meanings.

1. savings account a. a paper that tells how much money you got or spent
2. teller b. a bank account where you keep money to spend later
3. PIN number c. put money into the bank
4. deposit d. take money out of the bank
5. receipt e. a person who works in a bank
6. ATM f. a bank account that you can use to pay for things
7. checking account g. a secret number that you use with a bank machine
8. withdraw h. a bank machine
33

Deposit / receipt / withdrawal / taller

PIN Number / savings account

1. Every pay day I go to the bank to_____________ my check.

2. Did they give you a __________for the books that you purchased?

3. I used my__________to take some cash out of the ATM.

4. John put money into a _________to buy a new car next year.

5. The __________at my bank helped me open my checking account.