8

Word Focus
Money Mad
page 96 8.12 haggling (n) /ˈhæglɪŋ/
arguing over the price of sth before you pay
8.1 breadline (n) /ˈbredlaɪn/ ● Haggling is a way of buying things at lower
lowest level of income on which it is possible prices in the market. ➣ haggle (v)
to live ● They are living on the breadline and
8.13 legal tender (n) /ˈlɪgəl ˈtendə/
can only just afford to feed themselves.
official money ● The legal tender in Greece
8.2 credit crunch (n) /ˈkredɪt krʌnʧ/ is the euro.
a bad economic situation in which it
8.14 despair (n) /dɪsˈpeə/
becomes difficult to borrow money
loss of hope ● Fred felt despair when he saw
● The bank has refused to lend him more
that he had no money in the bank.
money since the credit crunch.
➣ despair (v), desperate (adj)
8.3 backup (n) /ˈbækʌp/
8.15 recession (n) /rɪˈseʃn/
extra help or support ● We can only do the
a period when the economy of a country
job if we get some backup. ➣ back up (phr v)
is doing badly ● The recession led to
8.4 in tandem with (expr) /ɪn ˈtændəm wɪð/ shops closing and people losing jobs.
at the same time as ● You can run this
8.16 shockwaves (pln) /ˈʃɒkweɪvz/
program in tandem with others.
the powerful shock people feel when sth bad
8.5 inflation (n) /ɪnˈfleɪʃn/ happens ● The economic problems in the USA
the continuing increase in prices ● Because sent shockwaves across all the economies of
of inflation, bread and milk have risen in price. the world.
8.6 downgrading (n) /daʊnˈgreɪdɪŋ/ 8.17 catapult (v) /ˈkætəpʊlt/
making sth less good, important or valuable throw suddenly into a situation ● When he lost
than it was ● The downgrading of the his income, he was catapulted into serious
country's credit rating has caused massive financial difficulties. ➣ catapult (n)
problems for the government. ➣ downgrade (v)
8.18 plunge (v) /plʌnʤ/
8.7 devaluation (n) /diːvæljuːˈeɪʃn/ fall a long way suddenly ● Half the population
reduction in the value of a currency compared under 30 was plunged into unemployment
to another currency ● The devaluation of the because of the recession. ➣ plunge (n)
currency allowed the country to export goods at
8.19 debt (n) /det/
cheaper prices. ➣ devalue (v)
money you owe sb ● He has a credit card
debt of over five thousand euros.

Reading
8.20 mount (v) /maʊnt/
pages 96-97 increase ● Her debts mounted because
she had no money to pay them back.
8.8 bartering (n) /ˈbɑːtərɪŋ/ 8.21 take the bull by the horns (expr)
exchanging goods for other goods /teɪk ðə bʊl baɪ ðə hɔːnz/
rather than money ● Before currency, deal with a difficult problem bravely
bartering was the way people traded goods. ● He decided to take the bull by the horns
➣ barter (v) by looking for work abroad.
8.9 bond (n) /bɒnd/ 8.22 currency (n) /ˈkʌrənsi/
a document promising that a government money used in a country ● The currency
will pay back money it has borrowed, used in Greece is the euro.
usually with interest ● The government bonds fell
in value because of the economic crisis. 8.23 bring to mind (expr) /brɪŋ tʊ maɪnd/
remind you of sth ● The current recession brings
8.10 exchange rate (n) /ɪksˈʧeɪnʤ reɪt/ to mind the economic problems of the 1930s.
the value of one currency compared
to the value of another currency ● The 8.24 trader (n) /ˈtreɪdə/
exchange rate for one euro is around 120 sb who buys and sells things as a job
● The market traders drove a hard bargain.
Japanese yen.
➣ trade (n, v)
8.11 food voucher (n) /fuːd ˈvaʊʧə/
a coupon used to get food instead of money 8.25 stall-holder (n) /stɔːl ˈhoʊldə/
● The government provides low-income families sb who sells produce at a market ● My cousin is
with food vouchers. a stall-holder at this market and sells oranges.

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8.26 hard-up (adj) /hɑːd-ʌp/
having little money ● Jeff is hard-up since Problems with the economy
losing his job, so he might need to borrow
some money. credit crunch downgrading
debt inflation
8.27 purchase (n) /ˈpɜːʧəs/ devaluation recession
sth you buy ● My purchases included a new
jacket and a pair of socks. ➣ purchase (v)
8.28 cover one’s costs (expr) /ˈkʌvə wʌnz kɒsts/
pay for the cost of running sth ● When taxes
increased, restaurants had to put up their
Vocabulary pages 98-99
prices to cover their costs. 8.40 circulation (n) /sɜːkjʊˈleɪʃn/
8.29 account (n) /əˈkoʊnt/ the exchange of money from one person to
an arrangement with a bank whereby the another in society ● The euro has been in
bank keeps your money safe ● She has a circulation since 2002. ➣ circulate (v)
PayPal account which she uses when she 8.41 counterfeit (v) /ˈkaʊntəfɪt/
shops online. make money that is not genuine ● The criminals
8.30 credit (v) /ˈkredɪt/ who counterfeited euros were caught and
add money to a bank account ● Your bank arrested. ➣ counterfeit (n, adj)
account will be automatically credited with 8.42 denomination (n) /dɪnɒmɪˈneɪʃn/
your salary every month. ➣ credit (n) value of a coin or paper money ● The
8.31 debit (v) /ˈdebɪt/ denomination of this coin is two euros.
take money out of a bank account ● You can 8.43 forgery (n) /ˈfɔːʤəri/
use this card to make purchases and your an illegal copy of money, a work of art, a
account will be debited immediately. document, etc. ● You can tell this money is
➣ debit (n) a forgery because it hasn’t got a watermark.
8.32 apt (adj) /æpt/ ➣ forge (v)
appropriate ● His comment was very apt and 8.44 comprise (v) /kəmˈpraɪz/
it described the situation perfectly. consist of ● Her library comprises over a
8.33 transaction (n) /trænsˈækʃn/ thousand books.
a piece of business ● The details of the 8.45 polymer (n) /ˈpɒlɪmə/
transaction are on this receipt. a substance that consists of large
8.34 unofficial (adj) /ʌnəˈfɪʃl/ molecules made from combinations of
not approved by an authority ● Bartering is an simpler molecules ● The object is made of
unofficial way of doing business. ✎ Opp: official an artificial polymer.
8.35 set up (phr v) /set ʌp/ 8.46 enhance (v) /ɪnˈhɑːns/
create; start ● The church set up a number of improve ● The politician tried to enhance
canteens where the poor can get a free meal. his image by dressing in smarter clothes.
➣ enhancement (n)
8.36 courgette (n) /kɔːˈʒet/
a long thin green vegetable ● Let’s have fried 8.47 plummet (v) /ˈplʌmɪt/
courgettes and tzatziki to start with. fall by a large amount ● Since the new
principal started at the school, the number
8.37 interest rate (n) /ˈɪntrəst reɪt/ of pupils playing truant has plummeted.
the percentage charged by a bank when you
8.48 crash (v) /kræʃ/
borrow money or the percentage you are paid
fail suddenly ● When the American stock
by a bank when you keep your money in an
market crashed in 1929, it was followed by
account ● The bank is offering an interest rate
a deep recession. ➣ crash (n)
of 2.2% if you have a savings account.
8.49 smash (v) /smæʃ/
8.38 be made redundant (expr) break into pieces ● The glass smashed
/bi meɪd rɪˈdʌndənt/ when I dropped it. ➣ smash (n)
lose your job because there is no more
8.50 share (n) /ʃeə/
work for you ● She was made redundant
part of a company you can buy as an
and has been unemployed for a year.
investment ● He bought shares in Facebook and
8.39 let alone (expr) /let əˈləʊn/ hopes to make a profit when they gain value.
used after saying sth to emphasise that 8.51 fund (n) /fʌnd/
because the first thing is not true, the next money collected for a cause ● We donated
thing cannot be true either ● The child can’t money to a fund which helps single mothers.
read let alone write an essay! ➣ fund (v)

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 8.52 sum (n) /sʌm/ 8.66 boom (v) /buːm/
an amount of money ● This car costs a increase a lot ● Fish farming boomed as
large sum of money, so I will pay for it in demand increased. ➣ boom (n)
instalments. 8.67 affluent (adj) /ˈæflʊənt/
8.53 owe (v) /əʊ/ rich ● The affluent residents in this area all
have to pay sth back ● Bob still owes me own very expensive cars. ➣ affluence (n)
thirty pounds which he borrowed from me 8.68 guild (n) /gɪld/
last week. an organisation of people who do the
8.54 mortgage (n) /ˈmɔːɡɪdʒ/ same job ● This certificate shows that he is
a legal agreement with a bank whereby a member of the bakers’ guild.
you borrow money to buy a house and 8.69 chip in (phr v) /ʧɪp ɪn/
pay back the money over a long period When each person in a group chips in, they
● They took out a thirty-year mortgage to
give a little money so that they can buy sth
buy a house. ➣ mortgage (v) together. ● We all chipped in to buy pizza.
8.55 invest (v) /ɪnˈvest/ 8.70 fork out (phr v) /fɔːk aʊt/
buy sth that you hope will give you a profit spend a lot of money on sth, usually
● He invested in gold a few years ago and
reluctantly ● Despite being a student, he
made a huge profit when the price of gold forked out 1000 euros on a new computer.
went up. ➣ investment (n)
8.71 put down (a deposit) (phr v)
8.56 speculate (v) /ˈspekjuleɪt/ /pʊt daʊn (ə dɪˈpɒzɪt)/
buy shares, property, etc. hoping to pay part of the cost of sth ● The car cost £5,000,
make a large profit when you sell them and we had to put down a deposit of £1,500.
● She speculated in property, but lost a

lot of money when the market crashed. 8.72 set sb back (phr v) /set ˈsʌmbədi bæk/
➣ speculation (n) cost sb a large amount of money ● The
holiday set us back two months’ salary.
8.57 bank teller (n) /bæŋk ˈtelə/
sb who serves clients at a bank, cashier 8.73 splash out (phr v) /splæʃ aʊt/
● I told the bank teller that I wanted to spend a lot of money on sth ● We splashed out
deposit 150 euros into my account. for our anniversary and went to an expensive
restaurant.
8.58 verify (v) /ˈverɪfaɪ/
find out if sth is correct or true ● We will 8.74 farewell (n) /feəˈwel/
have to verify your details before you can the act of saying goodbye ● We held a farewell
open an account at our bank. ➣ verification (n) party at the office for John when he retired.
8.59 advantageous (adj) /ædvənˈteɪʤəs/ 8.75 black market (n) /blæk ˈmɑːkɪt/
favourable ● It will be advantageous to our illegal buying and selling ● She bought a bag
company if we can find cheaper office space. on the black market from a street seller.
➣ advantage (n) 8.76 flea market (n) /fliː ˈmɑːkɪt/
8.60 bustling (adj) /ˈbʌslɪŋ/ a market that sells cheap goods ● Let’s go
lively ● The stall-holders worked hard in shopping at the flea market in Monastiraki.
the bustling market. ➣ bustle (v) 8.77 stock market (n) /stɒk ˈmɑːkɪt/
8.61 leading (adj) /ˈliːdɪŋ/ the business of buying and selling stocks and
the best; the most important ● Samsung is shares ● The value of shares fell on the stock
a leading mobile phone manufacturer. ➣ lead (v) market because of the recession.
8.62 mutual (adj) /ˈmjuːʧʊəl/ 8.78 fluid (adj) /ˈfluːɪd/
common ● I buy quality produce grown changeable ● The political situation is fluid
locally for the mutual benefit of the farmers and elections could be held at any moment.
and myself. ➣ fluidity (n)
8.63 prosperous (adj) /ˈprɒspərəs/ 8.79 old money (expr) /oʊld ˈmʌni/
rich; affluent ● The prosperous businessman wealth that has been inherited rather than
donated a large sum of money to charity. earned ● He had old money and looked down
➣ prosper (v) on the nouveau riche.
8.64 foremost (adj) /ˈfɔːməʊst/ 8.80 pocket money (n) /ˈpɒkɪt ˈmʌni/
the best; the most important ● ‘Fage’ is one of money that parents give their children
Greece’s foremost dairy product manufacturers. every week or month ● Betty gets 20 euros
pocket money a month from her parents.
8.65 flourish (v) /ˈflʌrɪʃ/
do well ● Her business flourished and she 8.81 bank balance (n) /bæŋk ˈbæləns/
soon started exporting goods abroad. the amount of money you have in your bank
➣ flourishing (adj) account ● He checked his bank balance at the
ATM to see how much was in his account.
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8.82 bank statement (n) /bæŋk ˈsteɪtmənt/ 8.96 tighten one’s belt (expr) /ˈtaɪtən wʌnz belt/
a document that tells you your bank spend less money because you have less
transactions and balance ● The details than you used to ● We’ll have to tighten our
of this month’s transactions will be on belts and spend less until I find a job.
your next bank statement. 8.97 line one’s pockets (expr) /laɪn wʌnz ˈpɒkɪts/
8.83 make a fortune (expr) /meɪk ə ˈfɔːʧuːn/ make money dishonestly ● The mayor lined
make a lot of money ● The band made a his pockets with money from the building fund 
fortune with their album and are now very rich. 8.98 have deep pockets (expr) /hæv diːp ˈpɒkɪts/
8.84 make a loss (expr) /meɪk ə lɒs/ have a lot of money ● David must have deep
If a business makes a loss, it spends more pockets if he can afford a cruise around the
than it earns. ● The company has made a loss world.
for the last five years, so I am afraid we have 8.99 do sth on a shoestring (expr)
to close down. /duː ˈsʌmθɪŋ ɒn ə ˈʃuːstrɪŋ/
8.85 make a profit (expr) /meɪk ə ˈprɒfɪt/ do sth using very little money ● She can dress
money you earn from a business or from selling on a shoestring by making all her own clothes.
sth for more than it cost ● The café made a profit 8.100 shanty town (n) /ˈʃænti taʊn/
of only 500 euros last month. an area with lots of roughly built huts made
8.86 sales figures (n) /seɪlz ˈfɪgəz/ from wood, plastic, cardboard, etc. where poor
statistics showing how much a company people live ● The children living in the shanty
sells ● Sales figures show a profit for the first town had no shoes.
quarter but a loss in the second. 8.101 crippling (adj) /ˈkrɪplɪŋ/
8.87 sales tax (n) /seɪlz tæks/ very harmful ● Many innocent people died
money paid to the government on products sold in the crippling conditions during the war.
● Sales tax rose to 23% on some products. ➣ cripple (v)
8.88 credit limit (n) /ˈkrediɪt ˈlɪmɪt/ 8.102 harshly (adv) /ˈhɑːʃli/
the maximum amount of money you can severely ● She was criticised harshly for her
borrow on a credit card ● The credit limit on bad behaviour. ➣ harsh (adj), harshness (n)
this card is five thousand euros. 8.103 laundry (n) /ˈlɔːndri/
8.89 credit rating (n) /ˈkrediɪt ˈreɪtɪŋ/ clothes that need to be washed ● We do
how likely you are to pay back money you the laundry every Saturday morning.
borrow ● She has an excellent credit rating ➣ launder (v)
because she has never fallen behind with any
payments.
Phrasal verbs
8.90 be in the money (expr) /biː ɪn ðə ˈmʌni/
chip in set sb back
have a lot of money ● He is in the money
fall behind set up
because he got a bonus at work.
fork out splash out
8.91 for my money (expr) /fə maɪ ˈmʌni/ put down turn sb down
in my opinion ● For my money, this
recession is going to last many more years.
8.92 get one’s money’s worth (expr)
/get wʌnz ˈmʌniz wɜːθ/ Grammar pages 100-101
get good value for your money ● She got her
8.104 scales (pl n) /skeɪlz/
money’s worth when she bought a TV and got
a weighing machine ● He weighed himself on
a DVD player with it for half price.
the scales.
8.93 throw money at (expr) /θrəʊ ˈmʌni æt/
8.105 derive (v) /dɪˈraɪv/
try to solve a problem by spending money
come from sth else ● Many English words
on it ● Throwing money at the house by
derive from Latin and Greek.
decorating it won’t fix the problem of damp.
➣ derivative (adj, n), derivation (n)
8.94 throw money around (expr)
8.106 respectively (adv) /rɪˈspektɪvli/
/θrəʊ ˈmʌni əˈraʊnd/
in the order previously mentioned
spend money carelessly ● He’s always ● George and Hannah bought a Fiat and a
throwing money around and buying expensive
Renault respectively. ➣ respective (adj)
gifts for everyone.
8.107 mug (v) /mʌg/
8.95 extravagantly (adv) /ɪksˈtrævəgəntli/
rob sb in the street ● When the woman
more than necessary or more than you can
was mugged in the shopping centre, her 
afford ● They spent money extravagantly for
bag and car keys were stolen.
their wedding, with champagne and caviar on
➣ mugger (n), mugging (n)
the menu. ➣ extravagance (n), extravagant (adj)
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 8.108 nugget (n) /ˈnʌgɪt/ 8.121 budgeting (n) /ˈbʌʤɪtɪŋ/
a small piece of a valuable metal found careful planning of what you spend
in the ground ● The nugget of gold that ● Budgeting is essential if you want to save

was found in the mine is worth a fortune. money for a holiday. ➣ budget (v, n)
8.122 make ends meet (expr) /meɪk endz miːt/
Listening page 102 have only just enough money to buy what you
need ● We can only make ends meet if we
8.109 savings account (n) /ˈseɪvɪŋz əˈkaʊnt/ don’t spend any money on luxuries.
a bank account in which you keep money 8.123 have money to burn (expr)
that you want to save and which pays /hæv ˈmʌni tʊ bɜːn/
you interest ● I have almost £10,000 in my have more money than you need ● Those
savings account now! rich celebrities have money to burn and
8.110 turn sb down (phr v) /tɜːn ˈsʌmbədi daʊn/ throw very extravagant parties.
reject sb ● I applied for the job, but they 8.124 make a killing (expr) /meɪk ə ˈkɪlɪŋ/
turned me down. make a large profit ● We made a killing on the
8.111 VAT (abbr) /ˌviː eɪ ˈtiː/ business deal, so the boss is really pleased.
a tax added to the price of goods and services 8.125 lavish (adj) /ˈlævɪʃ/
● What is the VAT on books these days? spending/costing a lot of money ● They held
✎ VAT = value added tax a lavish party costing a fortune for their guests 
8.112 short (of sth) (adj) /ʃɔːt (əv ˈsʌmθɪŋ)/ ➣ lavishly (adv)
not having enough (of sth) ● I’m afraid I can’t 8.126 down-to-earth (adj) /daʊn-tə-ˈɜːθ/
lend you any money as I’m short of cash myself. practical ● Stan is down-to-earth so his advice
8.113 in the region of (expr) /ɪn ðə ˈriːdʒən əv/ will be useful.
approximately ● I’m not sure how many people 8.127 abject poverty (expr) /ˈæbʤekt ˈpɒvəti/
were at the meeting, but there must have been condition of being terribly poor ● The families in
in the region of 1,000. the shanty towns were living in abject poverty.
8.114 accountant (n) /əˈkaʊntənt/ 8.128 filthy rich (expr) /ˈfɪlθi rɪʧ/
sb whose job is to keep or check financial extremely wealthy ● The filthy rich rock star
accounts, calculate taxes, etc. ● The firm owns a mansion in Hollywood and three yachts.
employs an accountant to control its finances.
8.129 dirt cheap (expr) /dɜːt ʧiːp/
➣ accounts (pl n), account (n)
costing very little money ● This dirt cheap
8.115 fall behind (phr v) /fɔːl bɪˈhaɪnd/ watch only cost five euros.
fail to pay sb money that you owe
them on time ● She lost her job and fell
behind with the rent. Writing: an
article (1)
8.116 deposit (v) /dɪˈpɒzɪt/
put money in a bank ● I deposited the money pages 104-105
in your account yesterday. ➣ deposit (n)
8.130 sweep (v) /swiːp/
8.117 cash flow (n) /kæʃ fləʊ/
spread quickly ● The news that the boss was
the movement of money into and out of a
retiring swept the office.
business ● They couldn’t pay the mortgage
because they had cash flow problems. 8.131 smooth sailing (expr) /smuːð ˈseɪlɪŋ/
very easy to do ● The test was smooth sailing

Speaking
for Harry as he had revised well.
page 103 8.132 retail industry (n) /ˈriːteɪl ˈɪndəstri/
selling goods to the public ● He works in the
8.118 money is no object (expr)
retail industry as a clothing store manager.
/ˈmʌni ɪz nəʊ ˈɒbʤɪkt/
money is not considered a problem because you 8.133 house-bound (adj) /ˈhaʊs-baʊnd/
have lots of it ● Money is no object, so you can unable to leave the house ● Katy is house-
spend as much as you like on the wedding. bound until her bad back gets better.
8.119 down-and-out (adj) /daʊn-ænd-aʊt/ 8.134 fake (n) /feɪk/
without money, a job or a place to live a copy of an object that is intended to deceive
● The man was down-and-out and slept on people ● The painting is not by Rembrandt; it's
a bench in the park every night. a fake. ➣ fake (adj)
8.120 spending spree (expr) /ˈspendɪŋ spriː/ 8.135 revenue (n) /ˈrevənjuː/
a period of time when you spend a lot of money that a business receives during a
money ● I bought three new pairs of shoes certain period ● The company suffered a loss
on my spending spree in the sales. of revenue when their product was recalled.
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8.136 at the expense of (expr) /ət ði ɪkˈspens əv/ 8.138 alley (n) /ˈæli/
If you do sth at the expense sb/sth, you do a narrow road between buildings ● We walked
sth that could harm them. ● The factory owner down a narrow alley to the next road.
profited at the expense of his workers. 8.139 date (n) /deɪt/
a sweet, sticky brown fruit that grows on a
Banking and investing kind of palm tree ● We ate dates for dessert
account credit rating in Egypt.
bank balance debit 8.140 craftsman (n) /ˈkrɑːftsmən/
bank statement exchange rate sb who makes things skilfully with their
bank teller owe hands ● These chairs were made by a local
bond revenue craftsman. ➣ craftsmanship (n)
crash share 8.141 kaftan (n) /ˈkæftæn/
credit stock market a long piece of clothing worn in the Middle
credit limit transaction East countries ● Abdul’s white kaftan is made
of cotton and linen. ✎ Also: caftan

Video 8: Art of
8.142 auction (n) /ˈɔːkʃn/
a public sale where the person who offers
the highest price buys the item ● I bid for a

the Deal page 106

PlayStation on an online auction and was
lucky enough to get it. ➣ auction (v)
8.137 vendor (n) /ˈvendə/
sb who sells things ● The market vendor was
selling strawberries.

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