Exam: BEC Higher

Definition: A small book used to record financial transactions, such as deposits and withdrawals, typically issued by a bank.

Example: I checked my balance in my passbook after making a deposit at the bank.

Definition: Describing something that can be used as collateral for a loan or can be sold for money.

Example: The old jewelry was pawnable, so she decided to take it to the pawn shop.

Definition: A person or business that lends money to people in exchange for personal items that are kept as security until the loan is paid back.

Example: She took her grandmother's jewelry to the pawnbroker to get some quick cash.

Definition: The activity of lending money in exchange for personal items that can be sold if the loan is not paid back.

Example: He started a pawnbroking business to help people get quick cash for their valuables.

Definition: A person who gives an item to a pawnbroker in exchange for money, with the item held as collateral until the money is repaid.

Example: The pawner left his watch at the shop to get some quick cash.

Definition: Something that needs to be paid or is due for payment.

Example: The invoice is payable within 30 days.

Definition: Money that is owed to someone, usually a creditor or supplier. It often refers to amounts that need to be paid in the future.

Example: The company has many payables that need to be settled by the end of the month.

Definition: A person or organization that receives money that is paid to them.

Example: The payee must sign the check before cashing it.

Definition: A person or entity that is responsible for paying money, such as a bill or a debt.

Example: The payer of the invoice must ensure that the payment is made on time.

Definition: A person responsible for distributing payments, such as salaries or wages, to employees or workers.

Example: The paymaster ensured that all employees received their salaries on time.

Definition: A result or benefit gained from an action or decision, often after a period of effort or investment.

Example: The payoff from her hard work was a promotion at her job.

Definition: A payoff is a final payment or reward, often given as a settlement or in return for something, such as a bribe or the conclusion of a situation.

Example: The company received a large payoff after the successful merger.