Business English - Essential Financial Vocabulary | Vicky Nedelcheva | Skillshare

Business English - Essential Financial Vocabulary

Vicky Nedelcheva, Accountant

Business English - Essential Financial Vocabulary

Vicky Nedelcheva, Accountant

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26 Lessons (53m)
    • 1. Introduction

      1:49
    • 2. How you can exercise

      1:00
    • 3. Assets

      3:17
    • 4. Assets - exercises

      2:50
    • 5. Depreciation

      2:18
    • 6. Depreciation - exercises

      1:56
    • 7. Liability

      3:00
    • 8. Liability - exercises

      2:11
    • 9. Revenue

      2:53
    • 10. Revenue - exercises

      1:45
    • 11. Drawing

      1:51
    • 12. Drawing - exercises

      2:57
    • 13. Shares

      1:50
    • 14. Share - exercises

      1:06
    • 15. Payroll

      2:17
    • 16. Payroll - exercises

      1:44
    • 17. Lease

      1:34
    • 18. Lease - exercises

      1:24
    • 19. Invoice

      2:31
    • 20. Invoice - exercises

      1:50
    • 21. Deposit

      2:40
    • 22. Deposit - exercises

      1:33
    • 23. Bitcoin

      2:15
    • 24. Bitcoin - exercises

      1:33
    • 25. Money idioms

      1:47
    • 26. Money idioms - exercises

      1:36
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About This Class

The course is designed to provide you with a strong foundation of essential financial English vocabulary. You’ll be able to fully and confidently express yourself in a financial context.

In this series of videos, I explain the most important financial terms to all of you whose native language is not English. In this way, I would like to help you to gain the skills you need to communicate confidently in a financial context whether at a university or in a multinational company

Every video lesson includes two parts:

in the first part, I explain the new terms simply and shortly and

in the second part, you have the opportunity to exercise yourself. You are given a few sentences with blank spaces. What you should do is just to fill out the blank spaces with the words you’ve learned in the first part of the video.

Meet Your Teacher

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Vicky Nedelcheva

Accountant

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Transcripts

1. Introduction: This course is designed to provide you with a strong foundation of essential financial English vocabulary. You'll be able to fully and confidently express yourself in a financial context. In this series of videos, I will explain the most important financial terms and help you gain the skills you need to communicate confidently in a financial context, whether at a university or in a multinational company. Every video lesson includes two parts. In the first part, I am explaining the new terms shortly. And in the second part, you can improve your listening comprehension. After each video with new vocabulary, there is a video with exercises. You are given a few sentences with blank spaces. What you should do is fill out the blank spaces with the words you've learned in the previous video. I am delighted to give you a few tips on how to learn effectively, make little steps every day and achieve a lot. Watch one or two videos per day and do this regularly. It is not necessary to get a tone of information for a short period. Repeating is a good practice to you can watch one video a few times until you feel prepared for the next step, next video. That's why my videos are short. Exercise yourself as often as you can. Exercises are the key to confidence. As you can see at the end of each video, there are quizzes to challenge your knowledge. And last but not least, learn with pleasure. When you force yourself to learn something, you do not get a good result. Concentrate and calm yourself, be in a good state of mind and learn with pleasure. 2. How you can exercise: The goal of the course is to drive you to learn new business vocabulary as you participate actively. Thus, I have designed the course is practical oriented and included videos with exercises. And in this video, I am going to give you some simple tips on how to exercise the new vocabulary. After each video with a new vocabulary, there is a video with a few sentences with blank spaces. You should fill out the gaps with terms from the video below with new terms. Pay attention that some terms are used more than once. I'm going to show you the sentences one by one. After each sentence, you should stop the video and try to fill out the blank space. When you are ready with your answer, play the video again and here the right answer. Do this after each sentence. These type of exercises helps you to become more confident with the new terminology. 3. Assets: In this video, we are going to clarify the following terms. Asset, current asset, non-current asset, tangible asset, and intangible asset. An asset is an item or a resource that a business owns or controls. A business uses all assets in its operating activities, expecting a future benefit called profit. A current asset is an asset that a business intends to keep for less than 12 months. Current assets are crucial to the business because they can be used to fund day-to-day business operations. And non-current asset is an asset that a business intends to keep for more than 12 months. A business allocates the cost of non-current assets over the number of years they will be in use. A tangible asset is an asset that has a physical substance and can be touched. Tangible assets include items such as machinery, equipment, plant, building, and inventory. An intangible asset is an asset that has value to the business but has no physical substance. Intangible assets are the opposite of tangible assets. Typical examples are trademark, copyright, and license. Now it's time to boost your listening comprehension. Just listen to the text I'm going to read. An asset is an item with value that a business owns or controls. The business expects that this item will generate cashflow, reduce expenses, or improve sales. Assets appear on a financial report called the balance sheet. This report is something like a photo of the current financial position of a business. We can divide assets into current and non-current assets. The first group assets are expected to be used in the space of a year. They can be easily converted into cash and are also known as liquid assets. Creditors and investors make different calculations based on the current assets to estimate if an entity can pay off its short-term obligations. The second group assets are expected to be used for more than a year. An entity allocates the cost of a non-current asset over the number of years in which it will be in use. All assets that can be touched and seen or known as tangible assets. They are the most common type of resources that a business uses in its operations. But companies operate as well as resources that don't have a physical existence. Intangible assets can be identifiable and unidentifiable. Examples of identifiable assets are intellectual property, patents, copyrights, trademarks. Software. Man can separate all those assets from the business. Since goodwill can't exist, separated from the entity, it is an unidentifiable asset. 4. Assets - exercises: Here are the exercises related to assets, current assets, non-current assets, tangible assets, and intangible assets. Pay attention that you may use some terms more than once. Blank space are resources that a business owns or leases that provide economic value. Now you should stop the video and make your suggestion. When you are ready, play the video again. And here the answer. Assets are resources that your business owns or leases that provide economic value. Cash, inventory, and accounts receivable are examples of blank space. Stop the video and answer. When you are ready, play the video again. And here the answer. Cash, inventory, and accounts receivable are examples of current assets. Assets that can be touched and felt our blank space. Stop the video, answer and play the video again to hear the answer. Assets that can be touched and felt are tangible. Making a distinction between blank space and blank space means a business can identify which of those assets it can sell or liquidate easier. Stop the video, answer and play the video again to hear the answer. Making a distinction between current and non-current assets means a business can identify which of those assets it can sell or liquidate easier. A business can value. Blank space. Much harder than tangible assets. Stop, answer and play the video again. A business can value intangible assets much harder than tangible assets. Land, property, machinery, and equipment are examples of blank space. Stop, answer and play the video again. Land, property, machinery and equipment are examples of non-current assets. 5. Depreciation: In this video, we are going to look at the following terms. Useful life, depreciation, amortization, straight line method, and reducing balance method. Useful life is a period over which one non-current asset is being used in the business. Depreciation is the process of charging the cost of a non-current tangible asset over its useful life. Amortization is the process of charging the cost of a non-current intangible asset over its useful life. A straight line method is an approach under which a business charges an equal amount of depreciation or amortization each year. A reducing balance method is an approach under which a business charges more depreciation or amortization in the early years of an asset's life with a progressively lower charge in each next year. Let's boost your listening comprehension. Just listen to the text I'm going to read. If the cost of a non-current asset is $10 thousand and its useful life is expected to last five years. It would be sensible to reflect the fact that the non-current asset is being used in the business over five years by allocating the cost of the asset between these five years. Under the straight-line method, the depreciation or amortization of non-current assets charged each year is calculated by subtracting the residual value from the original value of the non-current asset and dividing the result by the estimated useful life. Under the reducing balance method, the depreciation charged each year is a fixed percentage of the net book at the end of the previous year. Depreciation and amortization apply the matching concept by charging the cost of a non-current tangible asset to the income statement as it is being used up. At the same time, the value of the assets should be reduced with the amount of the cost charged. 6. Depreciation - exercises: In this video, we are going to exercise the following vocabulary. Useful life, depreciation, amortization, straight line method, and reducing balance method. Please pay attention that after each sentence you should stop the video, give your answer, and play the video again to understand the right answer. I am not going to remember you after each sentence as I've done in the previous video with exercises. Let's get started. An asset that has a blank space of five years is expected to be used in a business for five years. An asset that has a useful life of five years is expected to be used in a business for five years. Under blank space, the depreciation expense recorded on an income statement is the same each year. Under straight-line method, the depreciation expense recorded on an income statement is the same each year. Blank space and blank space allow a business to write off an asset's value over its useful life. Depreciation and amortization allow a business to write off an asset's value over its useful life. Under blank space, more depreciation is charged at the beginning of an asset's lifetime and less is charged towards the end. Under reduced balance method, more depreciation is charged at the beginning of an asset's lifetime and less is charged towards the end. 7. Liability: In this video, I would like to clarify the following terms. Liability to lend, to borrow, loan, mortgage, interest, installment, and overdraft. A liability is an amount owed by the business to third parties. It is an obligation and express the amount of all assets funded by creditors. If someone lends money, they give money for a limited time in exchange for the promise of repayment. If someone borrows money, they receive money in exchange for a promise to pay back the amount. Many entities borrow money to acquire some of their main assets. Alone is a sum of money that a business or a person borrows from a bank, usually with an interest fee. A mortgage is an amount of money borrowed from a financial organization, especially to buy a property. When a business or a person borrows money, they paid back more than they have received. The difference between amount received and amount paid back is called an interest. In simple words, and interest is money that is charged by a financial organization for lending money. And installment is one of several parts into which an odor amount of money has been divided. And overdraft is the sum that person or business takes out of their bank account, which is more than the amount available in the account. In most cases, an overdraft doesn't need a formal agreement between the client and the bank. Listen to the text I am going to read and boost your listening comprehension. World Bank's injects into global money markets to encourage banks and other financial institutions to make loans and mortgages. Usually banks and other financial institutions lend money to businesses who can afford to pay back not only the amount borrowed, but the interest as well. Businesses record the interest as an expense and it takes a place in the income statement. The loan received appears in the balance sheet of the business as a liability. In most cases, businesses must pay monthly installments. Every installment made decreases the amount of the loan. This day, there are a lot of financial institutions that offers flexible loans and mortgages. They give an opportunity to their clients to apply for a fast loan on online platforms, clients can choose their monthly rate and repayment amount. After signing the contract they received the fun to their personal or business account. 8. Liability - exercises: In general, blank space are payments that a business owes to third parties such as banks and suppliers. In general, liabilities are payments that a business owes to third parties such as banks and suppliers. These days, many businesses and individuals refused to go to banks to take out a blank space and are looking for alternative opportunities to finance their activities. These days, many businesses and individuals refused to go to banks to take out a loan and are looking for alternative opportunities to finance their activities. There are different online peer-to-peer lending platforms were individuals and businesses can blank space there money to people from all over the world. There are different online peer-to-peer lending platforms were individuals and businesses can lend their money to people from all over the world. Peer-to-peer lending platforms connect parts that need to blank space money directly to parts that lend money. The platform sets the blank space rates and proceeds the transactions. Peer-to-peer lending platforms connect parts that need to borrow money directly to parts that lend money. The platform sets the interest rates and proceeds the transactions. For each loan blank space. The borrower pays back a portion of the amount borrowed and pays interest on the loan. For each loan installment, the borrower pays back a portion of the amount borrowed and pays interest on the loan. A blank space typically comes with a lower interest rate and along the redemption period in comparison with consumer credit, a mortgage typically comes with a lower interest rate and a longer redemption period in comparison with consumer credit. 9. Revenue: In this video, I would like to talk about revenue, expense, gross profit, net profit, loss, and income statement. Revenue is an amount that a company earns when selling goods or providing services to its customers. An expense is a decrease in the net assets of an entity over an accounting period. Decreases caused by the distributions to the owners are not expenses. Gross profit or gross income is the sales revenue that accompany receives after deducting the costs associated with making and selling its products or the costs associated with providing IT services. Net profit or net income is gross profit less fixed costs or period costs which include rent, insurance, employee salaries, utilities, and depreciation. Losses in excess of expenses over revenues. Income statement is a financial statement that summarizes all revenues, costs and expenses incurred during a specified period and shows a company's ability to generate sales, manage expenses, and create profits. Now listen to the text I am going to read and boost your listening comprehension. Under accrual accounting, a business recognizes revenues in the period when it earns them, not in the period when the cash is received. An entity applies the same rules when recognising expenses. As soon as an entity incurs expenses, it should report them no matter when the business makes payment. Another very crucial concept of accrual accounting is the matching principle. This principle requires businesses to post revenues to the income statement when they are earned, and post expenses when they produce revenues. When total sales revenues exceed the cost of goods sold and entity generates gross profit, known as gross income. It appears on the income statement. Net profit is gross profit less all operating and non-operating expenses such as interest paid on loans or debts, taxes, depreciation, onetime charges, or credits. Net profit appears on the income statement as a net income in case total expenses exceed total revenues, we are talking about loss. It appears on the bottom of the income statement 2. Since net income or losses, the bottom figure on this financial statement, they are also known as a bottom line. 10. Revenue - exercises: The income that a business makes before subtracting any expenses is called blank space. The income that a business makes before subtracting any expenses is called revenue. Blank space appears on the top of the income statement. Revenue appears on the top of the income statement. Blank space are all activities a business uses to generate revenue. Expenses are all activities a business uses to generate revenue. Rent, travel costs and advertising are not subtracted from the blank space. Rent, travel costs and advertising are not subtracted from the gross profit. A business that spends $200 thousand and earns $150 thousand, makes a blank space of $50 thousand. A business that spends $200 thousand and earns $150 thousand, makes a loss of $50 thousand. Blank spaces, business revenue after subtracting all operating expenses, overheads, depreciation, and taxes. Net profit is business revenue after subtracting all operating expenses, overheads, depreciation, and taxes. 11. Drawing: We are going to clarify the following terms. Drawing, dividend, retained, earnings, and reserve. A drawing is an amount that an owner takes out of the business for personal use. A dividend is a part of the profit of a business paid to its shareholders. Retained earnings or any profit that a business has earned less any dividends or other distributions paid to investors. A reserve is an amount capped by a company for a particular use. Listen to the text I am going to read and boot your listening comprehension. Drawings are generally typical for unincorporated businesses, such as sole proprietorships and partnerships. They are not a tax-deductible expense of the business and never appear in the income statement. In contrast, dividends are payments made by publicly listed companies as a reward to shareholders for investing their money. When it comes to taxes, the corporation that pays dividends to its shareholders has to pay corporate income tax on those dividends. The shareholders who receive those dividends have to pay income taxes personally on them. Reserves are the amount of gross profit. Business sets aside. This amount will help the entity during a difficult financial period. Usually, companies transfer them after paying taxes, but before paying dividends. After a business has formed reserves paid taxes, and dividends, it shows on its financial statements it's net profit. This net profit is known as retained earnings. 12. Drawing - exercises: As you already guess, now we are going to exercise the usage of drawing dividend, retained earnings, and reserve. If a business buys eight notebooks and the owner of the business takes one of them home for their personal use, it will be called blank space. If a business buys eight notebooks and the owner of the business takes one of them home for their personal use. It will be called drawing. In addition to their salary, some employees who have invested in the business capital receive a blank space. In addition to their salary, some employees who have invested in the business capital receive a dividend. Blank space can be found under liabilities and the equity section of the balance sheet. Retained earnings can be found under liabilities in the equity section of the balance sheet. Purchase of fixed assets, paying an expected legal settlement, paying bonuses, or covering unexpected future costs are potential uses for blank spaces. Purchase of fixed assets, paying an expected legal settlement, paying bonuses, or covering unexpected future costs or potential uses for reserves. Blank space refers to a part of the profit that the corporation shares with its shareholders. Dividend refers to a part of the profit that the corporation shares with its shareholders. Blank space affect the balance sheet, but don't affect the income statement. Drawings affect the balance sheet, but don't affect the income statement. Blank space ensure that a business can dip into it when it is facing a surprise expenditure. Reserves ensure that a business can dip into when it is facing a surprise expenditure. Growing businesses use their blank space to invest or pay down business debts. Growing businesses use their retained earnings to invest or pay down business debts. 13. Shares: Let's clarify the following terms. Shares, share issue, nominal value, and share premium. When accompany divides its ownership into equal parts and members of the public can buy these parts. We are talking about shares. A share issue is an occasion when a company makes its shares available for people to buy. And nominal value is the amount printed on the shares and stated in the statutes of the company. As share premium is the exceed in case shares are issued at a price higher than the nominal value. Now listen to the text I am going to read and boot your listening comprehension. If a company is valued at $100 thousand and there are 20 thousand shares available, the share value is $5. This value can rise and fall depending on different economic factors. There are a lot of trading platforms where companies issue their shares. That way, companies can finance their expansion activities or cover their obligations. When a company sells its shares at a price higher than the nominal value, we say that the company issues shares at a premium. A premium is the difference between the nominal value and the selling price of a share. Let's assume that a company sells 100 shares for a total price of $200. The nominal value of those 100 shares is $150. The company has issued those 100 shares at a premium of $50. 14. Share - exercises: Investors sell blank space to other investors on the secondary market, usually at a higher price. Investors sell shares to other investors on the secondary market, usually at a higher price. The company hopes the blank space will generate enough money to cover its obligations. The company hopes the share issue will generate enough money to cover its obligations. Other terms about blank space, our par value or face value or book value. Other terms about nominal value or par value or face value or book value. A blank space is recorded in the shareholder's equity portion of a balance sheet. A share premium is recorded in the shareholder's equity portion of a balance sheet. 15. Payroll: Let's talk about payroll. Wage. Salary, gross pay. And net pay. Payroll refers to the total amount of money that an employer pays to all employees. A wage is a payment that an employee receives hourly for doing a job. A salary is a payment that an employee receives monthly for doing a job. Gross pays the total amount of that an employee has earned before taxes and other deductions are removed. Net pay is gross pay less all deductions such as taxes, health insurance, and pension. It is the total amount that an employee receives and takes home. It's time to boost your listening comprehension. Just listen to the text I'm going to read. Payroll refers not only distributing money to employees, but also keeping records on those payments and paying taxes on behalf of those employees. These days, there is a lot of payroll software that offers automatic tax pensions and leave calculations. With its help, payroll takes just a few clicks. When it comes to payroll, it is essential to distinguish between wage and salary. A wage is an amount earned on an hourly basis and a salaries the amount that an employee accumulates on an annual basis. If an employee works 40 hours per month and the wage is $25 per hour, they will receive a monthly income of $100. If an employee works for an annual payment of $12 thousand, they expect to receive a salary of $1000 every month. In case these $100 or gross pay, the employer has to deduct all taxes, retirement and health plans. Let's assume that the total deduction is $250. Thus, the employee will receive a net pay of $750. 16. Payroll - exercises: In simple words, blank space is the process of calculating workers pay and taxes. In simple words, payroll is the process of calculating workers pay in taxes. When an employee is paid on a weekly basis, we say that they received blank space. When an employee is paid on a weekly basis, we say that they receive wages. We are talking about blank space. When an employee receives a fixed amount each month. We are talking about blank Salary. When an employee receives a fixed amount each month. If an employer agrees to pay their employees $18 per hour and the employee works for 40 hours during a pay period, there blank space will be $720. If an employer agrees to pay their employee $18 per hour and the employee works for 40 hours during a pay period, their gross pay will be $720. If an employee earns $720 in gross pay, their blank space will be the amount that ends up in their bank account after taxes, insurance and retirement deductions have been taken out. If an employee earns $720 in gross pay, their net pay will be the amount that ends up in their bank account after taxes, insurance and retirement deductions have been taken out. 17. Lease: Nowadays, a lot of companies rent property owned by another company. That's why we should clarify some basic terms related to this. First of all, we should make distinguished between lessor and lessee. And lessor is someone who owns a piece of real or intellectual property. A lessee receives the right of use of a piece of property in exchange for conversion or payments. The legal contract between a lessor and lessee is called a lease. Under International Financial Reporting Standards 16, there are two other key terms, a lease asset and a lease liability. A lease asset represents the right of the lessee to use the leased item for the lease term. A lease liability represents the obligation of a lessee to pay rentals. Time to boost your listening comprehension. Under IFRS 16, all leases will now be considered finance leases unless they meet certain exceptions. This means that a lease asset and a lease liability will be presented on the balance sheet. Companies must report a depreciation charge for lease assets and an interest expense for lease liabilities within the income statement. 18. Lease - exercises: A lease guarantees a blank space, the right to use an asset. A lease guarantees a lessee the right to use an asset, at least guarantees a blank space. Regular payments for a specified period in exchange. At least guarantees a lesser regular payments for a specified period in exchange. A contract that outlines the terms under which one party agrees to rent property owned by another party is known as a blank space. A contract that outlines the terms under which one party agrees to rent property owned by another party is known as Elise. A blank space is a payment that should be made arising from a lease. A lease liability is a payment that should be made arising from Elise during the lease term for the lessee, a blank space is not the asset they have rented, but the right to use it. During the lease term for the lessee, a lease asset is not the asset they have rented, but the right to use it. 19. Invoice: In this video, we are going to define another five important terms. Estimate, quote, invoice, bill and receipt. An estimate is a guess and not a guarantee of what a service or a product will cost. Since an estimate just an approximation and isn't legally binding, it is subject to an increase or decrease. A quote is more accurate and more exact than an estimate. It is legally binding and isn't a subject of increase and decrease. And invoice is a note that indicates the quantities and costs of the products or services provided by the seller. The seller issue an invoice is evidence of the quantities and prices of the services or products sold. Based on the invoice, the seller requires payment from their clients. A bill is an invoice that a client receives and must pay. In simple words, a bill is an invoice from the client's perspective. It is evidence of the quantities and prices of the services or products bought and the amount owed. A receipt is a document that a seller issues once they receive payment from a customer. It is proof of a client's payment. Listen to the text I am going to read and boost your listening comprehension. Most accounting software allows businesses to create professional-looking estimates and send customers a link to an online version of them. Customers can accept or decline estimates with a single click. In case the customer has agreed to the offer, the seller should issue a quote to guarantee that all details in the purchase won't change. Based on the estimate, the seller can create a quote only with a few clicks and send the client a link. And when the customer accepts the quote, the seller issues an invoice based on it. The client enters the invoice received as a bill in their bookkeeping system. Once the customer pays their amount due, the seller should issue a receipt. This last document guarantee that the client has paid its obligation to the seller. 20. Invoice - exercises: These days, there is a lot of software that enables predicting how much a project may cost. With only a few clicks, you can create blank space and send them to your customers. These days, there is a lot of software that enables predicting how much a project may cost. With only a few clicks, you can create estimates and send them to your customers. Using bookkeeping software such as 0, you can easily convert an estimate into a blank space. The last shows the fixed cost of a project and can't be changed. Using bookkeeping software such as 0, you can easily convert an estimate into a quote. The last shows the fixed cost of a project and can't be changed. Falls, the customer accepts the quote, the seller has to create a blank space, which is evidence that the buyer must pay. The seller, falls, the customer accepts the quote, the seller has to create an invoice, which is evidence that the buyer must pay the seller. And invoice from the buyer's point of view is called a blank space. It shows that the buyer has an obligation. And invoice from the buyer's point of view is called a bill. It shows that the buyer has an obligation. When a buyer pays their obligation, they should get a blank space from the seller. When the buyer pays their obligation, they should get a receipt from the seller. 21. Deposit: Let's look at some of the most common bank terms and phrases. Deposit, withdraw, debit, credit, bank statement, balance in the read, end in the black. To deposit money means to put money into a bank account. It is a process of increasing the money in a bank account. To withdraw money means to take money out of a bank account. It is a process of decreasing the money in a bank account. When someone withdraws money from a bank account, they debit this bank account. Debit is the process of taking money out of a bank account. Every time someone deposits money into a bank account, they credit this bank account. Credit is the process of putting money into a bank account. A bank statement is a report showing all deposits and withdrawals made in a bank account for a particular time. A balance is the amount of money available in a bank account. We say that a bank account is in the red when the money spent is greater than money made. We say that a bank account is in the black when the money made is greater than money spent. It's time to boost your listening comprehension with the following text. All clients of the online shop dreams pay their bills via direct deposit by every client payments received the bank account of the online shop is deposited or credited when the online store pays its obligations to its vendors, BankAccount is withdrawn or debited. At the end of the month, the business owner downloads the monthly bank statement and gives it to the accountant. The bank statement shows the total amount of all deposits, the total amount of withdraws, and the balance. Sometimes the balance of the bank account is under $0 since withdraws exceed deposits. In this case, the bank account of the online shop is in the red. But in most cases, deposits exceeded withdraws and the balance is above $0. In this case, the bank account is in the black. 22. Deposit - exercises: Blank space can be any object that is used as payment for goods and services. Money can be any object that is used as payment for goods and services. Blank space or paper with a value that people use to buy services and goods. Banknotes, our paper with a value that people use to buy services and goods. John has written a blank space, and this way, he has ordered the bank to pay $100 to Jenny. John has written a check, and this way, he has ordered the bank to pay $100 to Jenny. Blank space are a piece of metal with a value that people use to buy services and goods. Coenzyme, a piece of metal with a value that people use to buy services and goods. And blank space is how much of your country's currency buys another foreign currency. And exchange rate is how much of your country's currency buys another foreign currency. The technology that enables the existence of blank space is known as a blockchain. The technology that enables the existence of Bitcoin is known as a blockchain. 23. Bitcoin: Let's talk about banknote, Coin, Bitcoin, cash, check, petty cash, currency, and exchange rate. A bank note is a piece of valuable paper used as money. A coin is around piece of metal with an official stamp used as money. Bitcoin is a virtual currency that allows peer to peer technology to facilitate instant payments without going through a financial institution. Cash is actual money paid when you pay with coins and banknotes, you pay in cash. Petty cash is a small amount of money kept in the form of bank notes and coins by a company for everyday expenses. A check is a document that orders a bank to pay a specific amount of money from a person's account to the person whose name is on the check. Currencies, the money used in a country. And exchange rate is a rate at which one currency can be exchanged for another. It's time to boost your listening comprehension. More and more businesses make and receive online payments. Therefore, they don't keep a large amount of bank notes and coins. They only have as much cash as they need to cover some small everyday expenses. When a business has a supplier or a client abroad, it receives or makes a payment in another currency. The business has to use the daily exchange rate to convert the foreign currency. A check is a well-known payment method. It is a document that orders money to be paid after giving it to the bank clerk, you get actual money. More interesting on the payments with bitcoins. These are virtual money that can be sent from your digital wallet to other people and vice versa. You can use Bitcoins to buy everything online without going through the bank. 24. Bitcoin - exercises: Blank space can be any object that is used as payment for goods and services. Money can be any object that is used as payment for goods and services. Blank space our paper with a value that people use to buy services and goods. Banknotes our paper with a value that people use to buy services and goods. John has written a blank space, and this way, he has ordered the bank to pay $100 to Jenny. John has written a check, and this way, he has ordered the bank to pay $100 to Jenny. Blank space are a piece of metal with a value that people use to buy services and goods. Coenzyme, a piece of metal with a value that people use to buy services and goods. And blank space is how much of your country's currency buys another foreign currency. And exchange rate is how much of your country's currency buys another foreign currency. The technology that enables the existence of blank space is known as a blockchain. The technology that enables the existence of Bitcoin is known as a blockchain. 25. Money idioms: In this video, I would like to present some money idioms. Break the bank, cost an arm and a leg. Pay through the nose, splash out on something, money to burn, and pay your dues. Let's look at the first four idioms. Break the bank. Cost an arm and a leg, pay through the nose, and splash out on something. The four idioms have the same meaning and they can be used when someone wants to say that something costs a lot of money. The ADM money to burn means that someone has more money than they need. And the idiom, pay your dues can be used to describe someone who earns their money with hard work. Now listen to the text I am going to read and boot your listening comprehension. John and fancy are best friends. Both are business owners of small businesses. Thanks to his successful business, john has money to burn and he could afford stuff that cost an arm and a leg. He decides to buy new machinery equipment. And although it is too expensive, John is sure it wouldn't break the bank. John likes to spend money not only on equipment, but on different business events as well. Therefore, he is splashing out on a Christmas party this year. On the other hand, France, he has to pay through the nose to get a new sewing machine. Every time she wants to buy something new, she has to pay her dues. 26. Money idioms - exercises: She knows the new office is expensive, but it's not going to blank space. She knows the new office is expensive, but it's not going to break the bank. Jane blank space and was rewarded with a big promotion at work. Jane paid his dues and was rewarded with a big promotion at work. A lot of business women have blank space and are spending their money at fancy boutiques. A lot of business women have money to burn and are spending their money at fancy boutiques. The business was in the red and blank space. Different business parties wasn't allowed. The business was in the red and splashing out on different business parties wasn't allowed. Loan interest rate the business owner has to pay is too high and now the owner has to blank space. The loan interest rate the business owner has to pay is too high and now the owner has to pay through the nose. If the current transport services blank space, the managers can look for another transport firm. If the current transport services cost an arm and a leg, the managers can look for another transport firm.