Updated Vocabulary 2/26

Oliver is checking his bank account to see how much money he has. The amount shown in his account is referred to as his _______.

• balance

• interest

• debt

• deduction

Answer explanation

The amount shown in Oliver's bank account is called his balance, which reflects the total funds available. Interest refers to earnings on savings, credit is borrowing capacity, and debt is what he owes.

Isla went to the bank to take out some money from her savings account. This action is known as a _______.

• deposit

• withdrawal

• transfer

• payment

Answer explanation

Isla's action of taking out money from her savings account is called a withdrawal. This term specifically refers to removing funds, while deposit means adding money, transfer involves moving funds between accounts, and payment refers to settling a debt.

My online banking shows many_________after all the purchases from my shopping trip to the mall.

• deposits

• credits

• debits

• applications

Answer explanation

The term 'debits' refers to amounts deducted from your account, which aligns with the statement about seeing many debits after shopping. 'Credits' and 'deposits' would indicate money added, while 'applications' is unrelated.

Liam wants to build up his money for future expenses. He decides to open a bank account to help him save. What type of account should Liam open?

• loan account

• checking account

• investment account

• savings account

Answer explanation

Liam should open a savings account because it is specifically designed for saving money and earning interest over time, making it ideal for building up funds for future expenses.

Kai needs to pay for his monthly groceries and utility bills. The account he uses for these expenses is a _______.

• checking account

• savings account

• investment account

• retirement account

Answer explanation

Kai needs to pay for groceries and utility bills, which are regular expenses. A checking account is designed for such transactions, making it the correct choice for managing these payments.

Ava runs a company and hires people to work for her, and pays others their wages. A person in this position is called an _______.

• employee

• employer

• contractor

• intern

Answer explanation

Ava, who runs a company and hires people, is referred to as an employer. An employer is someone who provides jobs and pays wages, distinguishing them from employees, contractors, or managers.

Fill in the blank: James, who works for a company called Worldly Wonders, is an _______.

• intern

• volunteer

• employee

• contractor

Answer explanation

James is an employee because he works at a company and receives a salary. The other options, such as volunteer, intern, and contractor, do not typically involve a regular salary.

Kari worked all summer waitressing. The money she earned is called _______

• income

• expense

• savings

• debt

Answer explanation

The money Kari earned from waitressing is referred to as income, which is the money received for work or services. The other options, such as expense, savings, and debt, do not accurately describe her earnings.

Emma works at a local coffee shop. The more she works, the more money she earns. This is called an _______.

• hourly wage

• salary

• bonus

• commission

Answer explanation

Emma earns money based on the hours she works, which is referred to as a 'wage'. Unlike a salary, which is a fixed amount, a wage varies with the number of hours worked.

When Mrs. Berry was hired as a teacher, she signed a contract agreeing on a set amount of pay for one year. This is known as: _________

• bonus

• wage

• stipend

• salary

Answer explanation

When Mrs. Berry signed a contract for a set amount of pay for one year, this is referred to as a salary. A salary is a fixed regular payment, typically paid on a monthly or biweekly basis, unlike wages which are usually hourly.