2020-04-24 TOEFL: business vocab, writing

Greg Malivuk
gmalivuk@staffordhouse.com
http://www.pastebin.com/u/gmalivuk - notes from all classes
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https://ed.ted.com/lessons/the-life-cycle-of-a-sneaker-angel-chang
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part B - Complete the paragraph with the correct forms of words from the list. (to check tomorrow)
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Homework: IELTS vocabulary p. 89 (pdf p. 93) exercise 1 - look up these words and be able to explain how they differ (you do NOT need to do 3, 9, or 11)
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part B
1 promoting
2 firm
3 consumers
4 market
5 competitive
6 demand (“the amount that people are willing to buy” is a combination of “the amount each person is willing to buy” and “the amount of people willing to buy it”)
7 profit
8 budget (This can also mean “the amount of money you plan to spend”.)
9 allocated
10 supply
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IELTS vocabulary
1 profit = the money you get from selling something beyond what you paid for it
  loss = money you’ve spent but not gotten back (e.g. if you sell something for less than what you paid)
	You can sell something at a profit or at a loss.
2 extravagant (adj) = someone who spends a lot of money, or something that costs an unnecessary amount of money to buy
  frugal (adj) = someone who is very careful with money
  economical (adj) = something that is not expensive to buy or run, or someone who doesn’t spend too much money
3 (In the US, we call these “checking” and “savings”.)
4 loan = money you borrow from the bank in order to buy something
  mortgage = a type of loan to buy a house or other property
5 deposit = put money into an account (or the noun for the money you put in)
  withdraw = take money out of an account (the noun is “withdrawal”)
6 wage = money earned per hour of work (usually involves specifically keeping track of how many hours are worked each day)
  salaray = money earned over a whole year (generally paid every two weeks or twice a month)
7 broke = when you have no money (informal, refers to just right now)
  bankrupt = when you (a person or a company) are officially unable to pay your debts
8 share = one of many equal parts into which a company’s total capital is divided
  stock = the total collection of all shares one company has or all shares of one company that a person owns (stocks are shares from two or more companies)
  dividend = a payment of a fraction of the company’s profit to each shareholder
9 (Income tax is a tax on all money earned, from wages, tips, salaries, and investments.)
10 credit (v) = add money to an account
   debit (v) = take money from an account
   credit card / credit account = an account from which you can borrow money to pay for things, and then you have to pay it back (with interest) later
  debit card = an card that debits money directly from your (usually checking) account
11 (I believe that in the US a credit union does much the same as a building society does in the UK.)
12 discount = the amount by which a price is reduced
   refund = money returned to you after you’ve already spent it
13 bargain = (noun) a much lower price than usual / (verb) negotiate for a lower price
	(“haggle” is a word for the same activity with more negative connotations)
   overpriced = more expensive than I think it should be
   exorbitant = very overpriced
$50 o.b.o. / “or best offer” = I expect some negotiation, and I’m willing to take the best offer someone gives, even if that’s less than my $50 asking price.
14 worthless = something that has no value, it’s worth $0
   priceless = something with so much value that you can’t put a price on it
15 save money = set your money aside to use later (at home or in a bank account)
   invest money = spend your money on something you expect to increase in value
16 inflation = prices and wages go up, the value of money goes down
   deflation = prices and wages go down, the value of money goes up
17 income = all the money that comes to a company or a person
   expenditure = all the money spent
18 lend = give temporarily
   borrow = receive/take temporarily
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overdraft = when you debit more money from an account than the account has in it
	(The verb is “overdraw”.)
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taxes = money that goes to the government
fees = extra money that goes to companies (overdraft fee, ATM fee)
interest = extra money paid by someone who borrows money (When you put money into certain types of bank accounts, the bank pays you because they’ve essentially borrowed your money.)
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BREAK
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Writing Practice - ETS 2 test 5
Email your responses to me when you’re done