Lesson 1(S6)

                        Money and Income  (Personal Finance _Video) Homework 1

-Money can be in notes (banknotes) أوراق نقدية and coins عملات معدنية, and in this case it is called cash نقدي.

-The money used in a country like: euros, dollars, pounds, …etc is its currency عملة.

-Most money consists of bank deposits.

-Bank deposits الودائع المصرفية : money that people and organizations have in bank accounts. Most of this is on paper and only about 10% of it exists in the form of cash in the bank.

Personal Finance  تمويل شخصي  :

1). Income  دخل :

All the money that a person receives  or earns يكسب as payment.

The income can include:

- Salary الراتب: money paid monthly by the employer.

-Wages أجور: money paid by the day or the  hour, usually received weekly. 

-Overtime أجر العمل الإضافي: money received for working extra hours.

-Commision عمولة: a certain percentage of the income the employee generates. It is money paid to salespeople مندوبي المبيعات and  agents عملاء.

- Bonus علاوة: extra money given for meeting a target or for good financial results.

-Fees الرسوم: money paid to professsional people such as lawyers and architects in exchange for advice or services .

-Social security الضمان الاجتماعي: money paid by the government to unemployed and sick people.

-A pension مَعاش: money paid by a company or the government to a retired person.

2). Outgoings المصروفات:

Amounts of money that people have to spend ينفق regularly. These can include:

- Living expenses نفقات المعيشة: money spent on everyday needs such as clothes, food, and public transport.

-Bills فواتير: requests for the payment of money owed المستحقة for services such as electricity, gas, and telephone connections.

-Rent إيجار : the money paid for the use of a house or flat.

-A mortgage رهن: repayments of money borrowed to buy a house or flat.

-Health inssurance تأمين صحي: financial protection against medical expenses for sickness or accidental injuries.

-Tax ضريبة: money paid to finance government spending.

Exercises: All following exercises should be done as pieces of homework

Exercise one:( this is homework to be submitted before 23rd of February via e.mail: fz.dekhir@gmail.com)

Decide whether the following statements are true or false:

1. Bank deposits are physical cash that exists in the bank .False

2. Most of the money people have is in the form of bank deposits, not cash. True

3. Wages are paid monthly, whereas salaries are paid on a daily or hourly basis.False

4. Social security is a type of income provided by the government for unemployed or sick people.True

5. A mortgage is a form of financial protection against health issues.False

Exercise two: (this is homework to be submitted before 23rd of February via e.mail: fz.dekhir@gmail.com)

1. What is the difference between salary and wages?

2. How does a person typically earn commission?

3. What are two examples of outgoings people might have on a regular basis?

4. Why is health insurance important for personal finance?

5. What is the purpose of a pension?

key answers:

1. Salary is typically paid monthly, while wages are paid based on hours or days worked.

2. A person earns commission by selling products or services and receiving a percentage of the sale.

3. Examples: Rent, living expenses (food, transport, etc.)

4. Health insurance provides financial protection against unexpected medical costs.

5. A pension provides income after someone has retired from work, ensuring financial support in their old age.

Exercise three: (this is homework to be submitted before 23rd of February via e.mail: fz.dekhir@gmail.com)

Use the words from the passage to fill in the blanks:

1. Most people’s income comes in the form of a salary paid by their employer.

2. A person may receive extra payments as overtime when they work beyond the usual hours.

3. The tax is the money that a government uses to fund services and programs.

4. People with a mortgage make regular mortgage repayments to the bank for money they borrowed to buy a house.

5. Bills are the regular costs for services like electricity and water.

6. A person’s  pension is the money they receive after retiring from work, either from a company or the government.

7. A fee is the money paid for services or advice by professionals like architects.