P enny wise, pound foolish

Famous words. Explain the sentences below in your own words.

Credit cards have three dimensions: height, width and debt.

Shelby Friedman (US journalist)

Creditors have better memories than debtors.

Benjamin Franklin (US-statesman)

Clothes make the man.

Mark Twain (US novelist)

Money: vocabulary

Money: sometimes in a shop they ask you: “How do you want to pay?” You can answer: “Cash./ By check./ By credit card.” When you buy (or purchase more formally) something in a shop, you usually pay for it outright but sometimes you on credit. Sometimes you may be offered a discount or a reduction on something you buy. For example, you might get ₤10 off perhaps because you are a student. You are often offered a discount if you buy in bulk. It is not usual to haggle about prices in a British shop, as it is in, say, a Turkish market. If you want to return something which you have bought to a shop, you may be given a refund, i.e. your money will be returned, provided you have a receipt.

British currency (= the type of money used in a country) is called sterling.

GREAT BRITAIN ₤ - pound; p – pence 100 pence (100 p) = 1 pound (₤1)			THE USA $ - dollar; ¢ - cent 100 cents (100 ¢) = 1 dollar (1$)
	amount	coin		amount	coin
½ p	a half penny, half a penny	a half penny	1	a cent	a penny
1 p	a penny	a penny	5	five cents	a nickel
2 p	twopence, two pence	a twopenny piece	10	ten cents	a dime
1	a pound, (sl.) a quid	a pound note	25	twenty-five cents	a quarter
5, 10, 20	five/ ten /twenty pounds, (sl.) five / ten/ twenty quid	a five/... pound note	50	half a dollar, (sl.) half a buck	a half-dollar (note)
3.82	three pounds eighty-two (pence)		$1	a dollar, (sl.) a buck	a dollar bill
			$5, $10...	five/ten... dollars	a five/ten... dollar bill
			$ 3.82	three dollars eighty-two (cents)

TASK 3. Word choice: price, cost, charge. Make up you own sentences with the words mentioned above.

When you are talking about the money you need to buy a particular thing, the usual word is price. E.g.: The price of a piece of land/packet of cigarettes, cauliflower.

Cost is like price, but is used less for objects, and more for services or activities. E.g.: The cost of having the house painted/going on holiday. It is also used for general things. E.g.: The cost of living/the cost of food/the cost of production/postage. The cost of something may be high or low. The amount of money you pay for something is what it costs you. E.g.: It cost $1000 to have the house painted. Things may cost a lot.

The person who is selling goods or services to you charges you for them. E.g.: How much did he charge you for mending the car? A charge is a sum of money asked, especially for allowing someone to do something or for a service. E.g.: There will be a small charge for admission.