Exploring the Different Names for Money
Introduction to Money Vocabulary
Money is an integral part of daily life, and it comes with various names depending on the context. Understanding these different terms is essential for effective communication, especially when discussing financial matters. This lesson will help you learn and master the different names for money, providing you with the tools to navigate various financial conversations confidently.
In this comprehensive guide, we will explore different names for money, their meanings, and how to use them in sentences. This lesson is designed for ESL and TEFL learners who are looking to expand their vocabulary related to financial terms.
By the end of this lesson, you will be familiar with various terms for money used in different contexts, which will enhance your ability to communicate more precisely and effectively in English.
Useful Vocabulary for Different Names for Money
Understanding and using different names for money is crucial for effective communication. Here are essential terms, their meanings, and examples of how to use them:
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Donation
- Meaning: Money given to a temple or church.
- Example: "She made a donation to the local church."
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Fee
- Meaning: Money paid for services, especially in school.
- Example: "The school fee is due next week."
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Dowry
- Meaning: Money or property brought by a bride to her husband on their marriage.
- Example: "The dowry included a large sum of money."
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Alimony
- Meaning: Money paid to a former spouse after divorce.
- Example: "He pays alimony to his ex-wife every month."
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Debt
- Meaning: Money owed to someone.
- Example: "He has a large debt to repay."
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Tax
- Meaning: Money paid to the government.
- Example: "Everyone is required to pay tax on their income."
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Fines
- Meaning: Money paid as a penalty in court.
- Example: "She had to pay fines for her traffic violations."
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Pension
- Meaning: Money paid to retirees.
- Example: "He receives a pension after years of service."
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Salary
- Meaning: Money paid by an employer to workers.
- Example: "Her salary is paid at the end of each month."
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Wages
- Meaning: Money paid by a master to subordinates.
- Example: "The workers received their wages every Friday."
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Allowance
- Meaning: Money given to children.
- Example: "She gives her children a weekly allowance."
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Loan
- Meaning: Money borrowed from a bank.
- Example: "He took a loan to buy a new car."
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Tips
- Meaning: Money offered after a good service.
- Example: "They left a generous tip for the waiter."
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Ransom
- Meaning: Money paid to kidnappers.
- Example: "The family paid the ransom to secure his release."
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Bribe
- Meaning: Money received illegally in the name of service.
- Example: "The official was caught taking a bribe."
Main Content
Here are additional terms and examples to help you understand the different names for money in various contexts:
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Rent
- Meaning: Money paid for the use of property or land.
- Example: "They pay rent monthly for their apartment."
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Mortgage
- Meaning: A loan specifically for buying property.
- Example: "They have a mortgage on their house."
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Commission
- Meaning: Money earned by an employee, often sales-related.
- Example: "He earns a commission on every sale."
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Interest
- Meaning: Money paid for borrowing or earning on savings.
- Example: "The loan has a high interest rate."
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Tuition
- Meaning: Money paid for education.
- Example: "University tuition fees are increasing every year."
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Dividends
- Meaning: Money paid to shareholders.
- Example: "The company declared dividends for its shareholders."
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Stipend
- Meaning: A fixed regular sum paid as a salary or allowance.
- Example: "She receives a monthly stipend for her internship."
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Gratuity
- Meaning: Money given voluntarily for services rendered.
- Example: "He received a gratuity for his years of service."
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Honorarium
- Meaning: Money paid for professional services voluntarily.
- Example: "She was given an honorarium for her lecture."
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Compensation
- Meaning: Money awarded for loss or injury.
- Example: "He received compensation for the accident."
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Grant
- Meaning: Money given by an organization for a particular purpose.
- Example: "She received a grant for her research."
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Subsidy
- Meaning: Money granted by the government to assist an industry or business.
- Example: "The farm received a subsidy from the government."
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Bursary
- Meaning: A scholarship to attend a college or university.
- Example: "She was awarded a bursary to study abroad."
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Allowance (Expense)
- Meaning: Money given for specific expenses.
- Example: "He receives a travel allowance for business trips."
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Royalties
- Meaning: Money paid to authors, musicians, etc., for the use of their work.
- Example: "She earns royalties from her published books."
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Retainer
- Meaning: Money paid to secure someone's services.
- Example: "He was paid a retainer to ensure his availability."
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Per Diem
- Meaning: Daily allowance for expenses.
- Example: "Employees receive a per diem when traveling for work."
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Alms
- Meaning: Money given to the poor.
- Example: "The charity collects alms for the needy."
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Allowance (Living)
- Meaning: Money given to cover living expenses.
- Example: "Students receive a living allowance while studying."
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Bonus
- Meaning: Additional money paid as a reward.
- Example: "Employees received a year-end bonus."
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Severance Pay
- Meaning: Money paid upon termination of employment.
- Example: "He received severance pay after his job was cut."
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Scholarship
- Meaning: Money awarded to support a student's education.
- Example: "She earned a scholarship for her excellent grades."
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Endowment
- Meaning: Money given to support an institution.
- Example: "The university received a large endowment."
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Prize
- Meaning: Money awarded for winning a competition.
- Example: "He won a cash prize in the contest."
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Rebate
- Meaning: Partial refund of money spent.
- Example: "The company offered a rebate on its products."
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Dividend
- Meaning: Money paid regularly by a company to its shareholders.
- Example: "Shareholders received a quarterly dividend."
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Payment
- Meaning: Money paid in exchange for goods or services.
- Example: "The payment for the services was made on time."
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Income
- Meaning: Money received, especially on a regular basis.
- Example: "His primary source of income is his salary."
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Allowance (Clothing)
- Meaning: Money given for clothing expenses.
- Example: "She receives a clothing allowance from her parents."
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Cash
- Meaning: Physical money in the form of coins or banknotes.
- Example: "He paid for the groceries in cash."
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Check
- Meaning: A written order directing a bank to pay money.
- Example: "She wrote a check for the rent."
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Savings
- Meaning: Money set aside for future use.
- Example: "They put their savings into a bank account."
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Capital
- Meaning: Wealth in the form of money or assets.
- Example: "The company needs capital to expand."
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Revenue
- Meaning: Income generated from business activities.
- Example: "The company's revenue increased this year."
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Funds
- Meaning: Money set aside for a specific purpose.
- Example: "They raised funds for the new project."
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Assets
- Meaning: Resources owned by an individual or business.
- Example: "The company's assets include real estate and equipment."
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Investment
- Meaning: Money put into a project or asset to earn returns.
- Example: "He made an investment in the stock market."
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Earnings
- Meaning: Money obtained in return for labor or services.
- Example: "Her earnings from the job are substantial."
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Profit
- Meaning: Money gained from business activities after expenses.
- Example: "The company made a profit this quarter."
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Deposit
- Meaning: Money placed into a bank account.
- Example: "She made a deposit into her savings account."
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Withdrawal
- Meaning: Money taken out of a bank account.
- Example: "He made a withdrawal to pay the bills."
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Installment
- Meaning: Regular payments made to settle a debt.
- Example: "She pays her loan in monthly installments."
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Balance
- Meaning: The amount of money in an account.
- Example: "He checked his bank balance online."
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Credit
- Meaning: The ability to obtain goods or services before payment.
- Example: "She used her credit card for the purchase."
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Debit
- Meaning: An entry recording an amount owed.
- Example: "The debit was recorded in her bank statement."
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Savings Account
- Meaning: An account for saving money.
- Example: "She opened a savings account to earn interest."
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Checking Account
- Meaning: An account used for daily transactions.
- Example: "He deposits his salary into his checking account."
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Trust Fund
- Meaning: Money held in trust for someone.
- Example: "She inherited a trust fund from her grandparents."
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Escrow
- Meaning: Money held by a third party until conditions are met.
- Example: "The funds are held in escrow until the deal is finalized."
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Annuity
- Meaning: A fixed sum of money paid annually.
- Example: "He receives an annuity as part of his retirement plan."
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Inheritance
- Meaning: Money received from someone who has died.
- Example: "She received a substantial inheritance from her uncle."
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Grant
- Meaning: Money given for a particular purpose.
- Example: "She received a grant for her research."
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Endowment
- Meaning: Money donated to support an institution.
- Example: "The university received a large endowment."
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Dividend
- Meaning: A sum of money paid to shareholders.
- Example: "Investors received their annual dividends."
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Salary
- Meaning: Regular payment for employment.
- Example: "She gets her salary at the end of each month."
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Pension
- Meaning: Regular payment made to retired employees.
- Example: "He receives a pension after retiring from the company."
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Wage
- Meaning: Payment for labour or services.
- Example: "The workers are paid a weekly wage."
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Stipend
- Meaning: A fixed regular sum paid as a salary.
- Example: "She receives a monthly stipend for her internship."
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Honorarium
- Meaning: A payment given for professional services voluntarily.
- Example: "He received an honorarium for his lecture."
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Compensation
- Meaning: Payment given for loss or injury.
- Example: "The worker received compensation for the injury."
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Reimbursement
- Meaning: Repayment for expenses.
- Example: "He submitted the receipts for reimbursement."
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Scholarship
- Meaning: Financial aid for students.
- Example: "She received a scholarship to study at the university."
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Subsidy
- Meaning: Financial aid provided by the government.
- Example: "The farm received a subsidy from the government."
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Alimony
- Meaning: Payments made to a former spouse.
- Example: "He pays alimony to his ex-wife."
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Grant
- Meaning: Funds provided for a specific purpose.
- Example: "The scientist received a research grant."
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Loan
- Meaning: Borrowed money that must be repaid.
- Example: "She took out a loan to buy a car."
Summary and Takeaways
Lesson Overview
This lesson on the different names for money covered various terms, their meanings, and examples of usage. The goal was to help you understand and use these terms confidently in different financial contexts.
Key Phrases Learnt
You have learnt over 80 key terms such as "donation," "fee," "salary," and many more. These phrases are essential for understanding and discussing financial matters in English.
Practice Exercises
To reinforce your learning, practice using these terms in sentences or write short paragraphs incorporating them. Additionally, pay attention to how these terms are used in financial news, articles, and everyday conversations.
Tips for Remembering
To remember these terms, try associating them with specific scenarios or financial transactions. Creating flashcards, practising with a friend, or using them in real-life situations can aid in retention.
Further Lessons
For more lessons on practical English phrases and vocabulary, explore our website. We offer a variety of lessons designed to help you improve your English in different contexts, from everyday conversations to professional settings.
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