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Lesson 2 Accounting and Finance

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1 Lesson 2 Accounting and Finance
Vocabulary Words Lesson 2 Accounting and Finance

2 Accrue Verb To accumulate, collect, or build up
The interest on Maria’s savings will accrue regularly.

3 Allocate Verb To designate, set apart, or budget
The school board will allocate the funds for a new gymnasium.

4 Annuity Noun A yearly payment of an allowance or income
The retired couple lived comfortably on an annuity.

5 Budgetary Adjective Pertaining to a financial or spending plan
Budgetary restrictions forced the city to close a small school

6 Currency Noun The medium of exchange; money
The franc is the currency of France, Belgium, and Switzerland.

7 Default Noun A failure to pay
The shop was forced to close because of a default on its monthly payments.

8 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.

9 Divert Verb To deflect or sidetrack
Anita asked her employer to divert part of her income into a retirement account.

10 Exempt Adjective Not subject to; excused
The land owned by the university is exempt from taxation.

11 Exorbitant Adjective Excessive; extravagant
I would live there, but the rent is exorbitant.

12 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.

13 Increment Noun An increase in size or number
Each increment on the graph represented ten thousand dollars in sales.

14 Insolvency Noun A state of being bankrupt; penniless
The company’s insolvency caused it to go out of business.

15 Liability Noun An obligation; debt; handicap
The applicant’s lack of a college degree was seen as a liability by prospective employers.

16 Monetary Adjective Financial; pertaining to money
The city’s monetary problems were the reason many workers were laid off.

17 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.

18 Reimburse Verb To pay back
Luis borrowed money from his parents, but he will reimburse them as soon as he gets a job.

19 Substantial Adjective Sizable; considerable
The department store experienced a substantial increase in sales over the same period last year.

20 Tangible Adjective Concrete; real
The couple’s wealth was all on paper; they had no tangible assests.

21 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.

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