Money - buying, selling and paying

Personal finance

Sometimes in a shop they ask you: 'How do you want to pay?' You can answer: 'Cash. / By cheque. / By credit card.' In a bank you usua y ha!e a current account" which is one where you pay in your sa ary and then withdraw money to pay your e!eryday bi s. #he bank sends you a re$u ar banki statement te in$ you how much money has $one in and out o% your account. You may a so ha!e a sa!in$s account where you deposit any e&tra money that you ha!e and on y take money out when you want to spend it on somethin$ specia . I% you spend more than you ha!e in your account you can ha!e an o!erdra%t. #he bank a ows you to spend more and char$es you interest. I% your account is o!erdrawn 'you ha!e taken more out o% your account than you had in it( you are)in the red *as opposed to in the b ack or in credit+.
Sometimes the bank may end you money , this is ca ed a bank oan. I% the bank 'or bui din$ society( ends you money to buy a house" that money is ca ed a mort$a$e /'mo:$id-/. .hen you buy 'or purchase more %orma y( somethin$ in a shop" you usua y pay %or it outri$ht but sometimes you buy on credit. Sometimes you may be o%%ered a discount or a reduction on somethin$ you buy. /or e&amp e" you mi$ht $et 012 o%% perhaps because you are a student. You are o%ten o%%ered a discount i% you buy in bu k.,It is not usua to ha$$ about prices in a British shop" as it is in" say" a #urkish market. I% you want to return somethin$ which you ha!e bou$ht to a shop" you may be $i!en a re%und" i.e. your money( wi be returned" pro!ided you ha!e a receipt. #he money that you pay %or ser!ices" e.$. to a schoo or a awyer" is usua y ca ed a %ee o %ees3 the money paid %or a 4ourney is a %are. I% you buy somethin$ that you %ee was !ery $ood !a ue" it's a bar$ain. I% you %ee that it is de%inite y not worth what you paid %or it" then you can ca it a rip,o%% '!ery co oquia (.

Public finance #he $o!ernment co ects money %rom citi5ens throu$h ta&es. Income ta& is the ta& co ected on wa$es and sa aries. Inheritance ta& is co ected on what peop e inherit %rom others. Customs or e&cise duties ha!e to be paid on $oods imported %rom other countries.6 78# or !a ue added ta& is a ta& paid on most $oods and ser!ices when they are bou$ht OD
purchased. Companies pay corporation ta& on their pro%its. I% you pay too much ta&" you( shou d be $i!en some money back" a ta& rebate. #he $o!ernment a so sometimes pays out money to peop e in need" e.$. unemp oyment bene%it 'a so known as the do e" in%orma ( disabi ity a owances and student oans 'money( ent to he p pay %or studyin$(. 9ecipients draw a pension / unemp oyment bene%it or are 7s the do e or on socia security.

:!ery country has its own specia currency. :!ery day the rates o% e&chan$e are pub ished4 and you can disco!er" %or e&amp e" how many do ars there are current y to the pound ster in$. 8 company may se shares to members o% the pub ic who are then said to ha!e in!ested 1 that company. #hey shou d be paid a re$u ar di!idend on their in!estment" dependin$ on4 the pro%it or oss made by the company.

I ;<

English Vocabulary in Use (Upper-intermediate)