Must-Know Words about Money

5,137 views ・ 2024-07-11

English with Jennifer


Please double-click on the English subtitles below to play the video.

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Hi everyone. I'm Jennifer from English with  Jennifer. Many say that money isn't everything,  
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and I do agree, but we have to acknowledge  that money is almost everywhere. In nearly  
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every aspect of our daily lives,  we make and accept payments. We  
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pay others and others pay us. Let's go over  key money-related words you need to know.
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If you work, you earn money. Wages  are what people earn per hour, day,  
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or week. Minimum wage in my  state of Massachusetts is $15,  
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with some exceptions. We can talk and ask about  someone's hourly wage. "Wage" and "rate" are  
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similar. They're both an amount of money paid.  An hourly wage is a set rate for one hour. A  
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rate is set according to some kind of standard.  Let's say you're exchanging money. You pay an  
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exchange rate. It's standard. Hotel rates in  New York City are higher than hotel rates in  
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a smaller city. You can ask a professional,  "What's your hourly rate?" when you want  
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their services. They'll quote a price that  should fall in line with industry standards.
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If you work for a company, you may have  a salary. That's what you're paid per  
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year. It's understood that you're a full-time  employee. If someone has a salary of $60,000,  
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then they get $5,000 a month. Maybe they  receive payments of $2,500 every two weeks.
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Sometimes companies give their employees a bonus,  
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a little extra on top of their salary at the  end of the year -- if the employees meet or  
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exceed all their goals. The employees  can get, receive, or earn a bonus.
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Some workers depend on tips as part  of their earnings, as part of their  
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income. A tip is extra money people pay  for some kind of service, for example,  
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at a restaurant or a hair salon. In the US, tips  range from 15% to to about 25%. A formal word for  
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"tip" is "gratuity" and the plural "gratuities."  It's not uncommon for an American restaurant to  
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add a 15 to 20% gratuity charge to your bill  if you have 10 or more people in your party.
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Restaurants aren't the only place where you may  end up paying more than you expect. Sometimes  
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airline or rental car companies have what  we call "hidden fees." "Fee" or the plural  
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"fees" is the general word for money we  have to pay for a service. Legal fees,  
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resort fees, platform fees,  credit card fees. By the way,  
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you always want to pay your credit card  bill on time, or there's a late fee.
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A charge is similar to fee. It's money we  have to pay for something. It's really nice  
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when there's no charge, meaning there's no  price on a good or a service. For example,  
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I answer questions in the comments free of charge.  And there's no charge to sign up as a free member  
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on Patreon. What's on your phone bill? Take a  look. Make sure you know the monthly charge.  
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Is there an administrative fee? If your bill looks  like mine, there are government fees and taxes.
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A subscription is what you pay for a  monthly or annual service. I signed  
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my son up for a three-month subscription  on Immerse so that he could brush up on  
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French before going back to college in the fall.
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Do you have a monthly budget? If you're like  me, you keep keep track of your earnings and  
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expenses. When things go well, my earnings are  more than my expenses. That's what we all want,  
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right? Expenses are what we spend money on.  My business expenses include paying different  
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platform fees. Last year, I had to buy a  new computer, so that was a major expense.
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How about fines? Those are something  we try to avoid at all costs. We pay  
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a fine when we break some kind of rule. I  drove for many years without any problems,  
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but when I moved to Boston, I started  paying parking fines. At first,  
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I didn't understand where I could and couldn't  park, so when I parked in the wrong place they  
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fined me. I had to pay a fine, a parking  fine. Parking fines are around $50 or more.
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"Bribe" is another negative word. People pay  bribes when they want to get something in an  
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illegal or dishonest way. A common stereotype is  a politician accepting bribes to influence policy.  
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A dishonest person can accept or take a bribe.  A desperate person may offer a bribe. In a less  
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serious situation, a parent might offer a cookie  to their child as a bribe to clean up the toys.
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Let's consider an honest generous person  next. Someone with enough money might be  
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willing to give a small or large amount of  money to help an organization or a charity.  
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That's called a donation. Recently,  a family in my town lost their home  
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in a fire. Pretty much everyone else made  some kind of donation to help that family.
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I mentioned a parent giving a cookie as  a bribe, but there's another way to teach  
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kids responsibility. Some American parents  offer a weekly allowance. That's usually  
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a small amount of money to cover common  expenses. With that amount of money, kids  
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have to learn to budget and cover their  expenses, like school lunches, bus rides,  
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and personal toiletries. Sometimes a punishment  can be reducing or taking away a kid's allowance.
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Do you think you can remember the key words  from this lesson? Take a quiz to review.
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One. What do some American children  receive to help with weekly expenses?
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An allowance
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Two. What would a person most  likely give to a charity?
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A donation
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Three. Someone who works  part-time receives an hourly...
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wage.
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Four. Which two words mean  that extra money is received?
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Tip and bonus
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Five. If you park illegally, you must pay a...
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fine.
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Six. Jack reads The New York Times  online every day. He has a...
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subscription,
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Seven. You'll stay within budget  if you track your monthly...
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expenses.
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Eight. The final price of an airline  ticket includes additional...
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fees.
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Nine. It's wrong for politicians to accept...
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bribes.
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Ten. The ... of five-star hotels are  higher than those of two star hotels.
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the rates
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How did you do? If you need to,  go back and review more. That's  
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all for now. Please remember to like  and share the video if you found the  
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lesson useful. As always, thanks  for watching and happy studies!
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Follow me on Instagram, Facebook, X ,and Patreon.  
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And don't forget to subscribe here on  YouTube. Turn on those notifications.
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