C. This is the money people get for some particular reasons. Write the word next to its definition using the line provided.

Pension; grant; allowance; maintenance; legacy

1. ……………. money, usually from a relative to live on

2. ……………. money received from someone in his or her will

3. ……………. money paid by divorced or separated people to support the former husband or wife

4. ……………. money paid by a company or the state on your retirement

5. ……………. money paid by the state to students.

1.1 D. Match the definition with the correct “money word”.

1. a deposit 2. an overdraft 3. a fare 4. a fine 5. alimony 6. cash 7. a bill 8. a premium 9. a mortgage 10. a share 11. duty

a. the money which a building society or bank lends to build a house b. the money that a person pays to an insurance company to protect against loss or damage c. money paid for traveling especially on public transport, buses, trains etc. d. money paid as a punishment for breaking the law e. money paid by divorced father to his former wife for the upkeep of his children f. the amount of money borrowed from a bank, greater than that which is in your account g. part of value of a company that you can buy h. part-payment of money which you make to stop the seller from selling his goods to others i. tax on imported articles paid to the Customs j. money which is in the form of coins and notes, not cheques k. money, paid at a restaurant after eating

E. Choose the right answer, only one is correct.

1. The ………… of living has risen by 25 % in the last six months.

a. cost b. expenditure c. expense d. price

2. The kidnappers demanded a ………… of $ 1, 000,000.

a. fine b. penalty c. ransom d. reward

3. The World Bank has criticized the United States for not giving enough financial …………. to the East European countries.

a. allowance b. aid c. loan d. premium

4. The minister admitted taking ………. and had to resign.

a. bribes b. fees c. fines d. premiums

5. If they are not careful enough with their accounts, they will go ……….. .

a. broken b. penniless c. poor d. bankrupt

6. Before starting a business, you have to raise the necessary ……..

a. capital b. currency c. investment d. savings

7. When you buy a house you can claim tax ……… on the mortgage.

a. aid b. assistance c. benefit d. relief

8. Mr. D‘s ……….. will be held in trust for him until he is 21. Then he will be free to spend it.

a. dowry b. heirloom c. heritage d. inheritance

9. The government has introduced …………… currency controls which will make it more difficult to holiday abroad.

a. extreme b. striking c. stringent d. strong

10. The two men ……… a coin to see who should take care of the business on the weekend.

a. hurled b. lobbed c. threw d. tossed

11. No-one knows precisely how much she earns a month, but $4,000 can’t be very ……….. of the mark.

a. wide b. broad c. distant d. far

12. The firm will go bankrupt if it cannot meet its …………… .

a. charges b. duties c. liabilities d. promises

F. There are a lot of idioms associated with money and financial status. Match some of them with their definitions. Try to recollect more.

1. to be rolling in money 2. to have money to burn 3. money for jam 4. to sell like hotcakes 5. to marry into money 6. to buy for a song 7. money doesn’t grow on trees 8. to pay through the nose 9. to spare no expense 10. in for a penny, in for a pound 11. nickel-and-dime

a. to pay too much b. money that you earn very easily c. to waste money d. to be very rich e. if it has been started it must be finished at any cost f. don’t waste money g. marry sb rich h. to spend as much money as necessary to get the best things i. to sell quickly and in large amounts j. unimportant and not costing much k. to buy very cheaply

Raise the Issue

➢ What is the role of economy in the modern society? Has it changed recently?

➢There believed to be a clear shift from cultural and social priorities to economic ones. What makes people acquisitive[1]? Do you support the idea that our society is so pragmatic that “money reasoning” always prevails?

A. Words in Context

1. Tick the word closest in meaning to that of the each boldfaced word. Use the context of the sentences to help you figure out each word’s meaning.

berate (v) Developing countries are often berated

for child labour.

Berate means a. to disappoint b. to neglect c. to scold

complacency(n) There are no grounds for complacency in

today’s competitive environment.

Complacency means a. satisfaction b. worries c. obedience

detriment(n)Copyright infringement is a serious

detriment for people who make a living writing books. Illegal editions mean that the author receives no payment.

Detriment means a. an aid b. a discovery c. a disadvantage

discretion (n) A sensible person exercises discretion in

treating any advertisement promising excellent results right after the first usage of the advertised product.

Discretion means a. love b. good sense c. anger

excel(v) He was never brilliant at math however he

managed to excel in accountancy.

Excel means a. receive b. do well c. include

optimum (adj) Governments create optimum conditions for

foreign companies giving them sweeteners[2] to persuade them to open factories in poor or underdeveloped areas.

Optimum means a. ideal b. hopeful c. questionable

predisposed (adj) Governments worldwide are predisposed to

encourage inward investment.

Predisposed means a. unlikely b. likely c. pretending

preponderance(n) A preponderance of venturing enterprises

suggests booming economy.

Preponderance means a. a great number b. a small number

c. a stable number

propensity (n) The big multinationals have a propensity to

close factories as a cost-cutting exercise[3] and relocate and switch productions[4] where

labour and costs are cheaper.

Propensity means a. a coincidence b. a readiness c. a concern

reprehensible(adj) The company’s failure to clean up the oil spill

was reprehensible and drew harsh criticism.

Reprehensible means a. shameful b. misleading c. uncertain

resilience (n) Businessmen, like athletes, need resilience.

After a failure they must be able to bounce back to their normal state.

Resilience means a. a common feature b. disability to recover

c. ability to recover

scrupulous(adj) Black market pushers of untaxed luxury cars

are oblivious to scrupulous methods of doing

business.

Scrupulous means a. ethical b. economical c. unjust