Banking and Financial Problems – Choose The Best Words

In today’s dynamic economic landscape, individuals and businesses alike encounter various banking and financial challenges that require careful navigation and strategic planning. From managing debt and cash flow to understanding complex financial products, addressing these issues demands a proactive approach and a solid understanding of the financial system.

Choose the best words to go into each space.

1. An insolvent company often goes into liquidation. A private individual who cannot pay his/her debts may be declared __________ by a court.

a. bankrupt
b. indebted
c. penniless

2. A bankrupt person’s __________ can be taken and used to repay his/her debts.

a. things
b. items
c. property

3. A person who has not yet completed this process is called an ___________ bankrupt

a. unfinished
b. incomplete
c. undischarged

4. The technical meaning of insolvency is that a person or company’s __________ exceed their assets.

a. payments
b. liabilities
c. expenses

5. When a limited company* becomes insolvent, it is likely to go into __________.

a. liquid
b. liquidity
c. liquidation

6. The person responsible for winding up a company which has gone into liquidation is called the __________.

a. liquid
b. liquidator
c. liquidiser

7. When all the assets of a company have been used as security for a loan, and the company defaults on repayments, the lender may force the company to go into ___________.

a. receivership
b. reception
c. reciprocation.

8. In this case, a receiver will be appointed to __________ the assets of the company in order to repay the debt.

a. sell
b. trade
c. realise

9. A mistake in an account is often called a _________.

a. disturbance
b. distraction
c. discrepancy

10. Supermarket chains have a __________ interest in keeping agricultural subsidies high, as they make food cheaper to buy from farmers.

a. invested
b. vested
c. vestal

11. A force majeure is an __________ event such as strike, riot or natural disaster which prevents a contract from being __________.

a. unforeseen / fulfilled
b. unseen / fulfilled
c. unforeseen / filled

12. Many contracts contain a force majeure __________ to cover this situation.

a. sentence
b. phrase
c. clause

Correct Answers: