vocabulary words lesson 2 accounting and finance
TRANSCRIPT
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Vocabulary Words
Lesson 2Accounting and Finance
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Accrue
• Verb• To accumulate, collect, or build up
• The interest on Maria’s savings will accrue regularly.
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Allocate
• Verb• To designate, set apart, or budget
• The school board will allocate the funds for a new gymnasium.
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Annuity
• Noun• A yearly payment of an allowance or income
• The retired couple lived comfortably on an annuity.
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Budgetary
• Adjective• Pertaining to a financial or spending plan
• Budgetary restrictions forced the city to close a small school
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Currency
• Noun• The medium of exchange; money
• The franc is the currency of France, Belgium, and Switzerland.
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Default
• Noun• A failure to pay
• The shop was forced to close because of a default on its monthly payments.
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Denomination
• Noun• A class or unit that is named for its size or
value
• When Lin cashed a check, the teller asked him in what denomination he would like his money.
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Divert
• Verb• To deflect or sidetrack
• Anita asked her employer to divert part of her income into a retirement account.
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Exempt
• Adjective• Not subject to; excused
• The land owned by the university is exempt from taxation.
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Exorbitant
• Adjective• Excessive; extravagant
• I would live there, but the rent is exorbitant.
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Financier
• Noun• One who is involved with and expert in large-
scale money matters
• The art museum received a generous contribution from a wealthy financier.
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Increment
• Noun• An increase in size or number
• Each increment on the graph represented ten thousand dollars in sales.
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Insolvency
• Noun• A state of being bankrupt; penniless
• The company’s insolvency caused it to go out of business.
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Liability
• Noun• An obligation; debt; handicap
• The applicant’s lack of a college degree was seen as a liability by prospective employers.
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Monetary
• Adjective• Financial; pertaining to money
• The city’s monetary problems were the reason many workers were laid off.
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Recession
• Noun• Temporary decline in economic activity during
a period of prosperity
• An increase in oil prices brought on a severe recession in the 1970s.
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Reimburse
• Verb• To pay back
• Luis borrowed money from his parents, but he will reimburse them as soon as he gets a job.
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Substantial
• Adjective• Sizable; considerable
• The department store experienced a substantial increase in sales over the same period last year.
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Tangible
• Adjective• Concrete; real
• The couple’s wealth was all on paper; they had no tangible assests.
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Treasury
• Noun• A place where money is kept; amount of
money on hand
• The cost of putting on the dance depleted the student council’s treasury.