UNIT 7 MONEY IN OUR LIVES
THINK AND DISCUSS (page 121)
1. Answers will vary.
2. Possible answer: Money is a useful gift for any couple. Many
guests don’t want to buy a couple something they don’t need.
EXPLORE THE THEME (pages 122–123)
1. They are spending money on dining and entertainment.
2. Saudi Arabia, Russia, Mexico, Japan, and India spend the
highest percentage of their household budgets on food.
3. Countries spend the lowest percentage of household budgets
on the categories of education and clothing and footwear.
Answers to the second question will vary.
4. Answers will vary.
LESSON A
Vocabulary
A Meaning from Context (page 124)
Answers will vary.
B (page 124)
1. engage in
2. determine
3. associate
4. impact
5. outlook
6. security
7. fulfillment
8. virtue
9. promote
10. well-being
C (page 124)
Answers will vary.
D (page 125)
1. a
2. b
3. c
4. c
5. a
E (page 125)
Possible Answers:
1. The three factors that impact a person’s well-being the most
are their living conditions, their working conditions, and the
lifestyle choices that he or she makes about food and exercise.
2. I believe the most important virtue a person could have is
courage.
3. Engaging in activities such as walking or cycling promotes
long-term health.
A LISTENING An Interview about Money
and Happiness
BEFORE LISTENING
A Critical Thinking: Ranking (page 126)
Answers will vary.
WHILE LISTENING
B Listening for Main Ideas (page 126)
1. c
2. b
3. c
4. a
C Listening for Details (page 127)
1. giving money
2. others/other people
3. themselves
4. interviewed
5. happier
6. experiences
7. surveys
8. experiences
9. material goods
10. meaningful
11. successful social
12. psychologist
13. more happiness
14. thousands
15. significantly increase
AFTER LISTENING
D Critical Thinking: Synthesizing (page 127)
Possible answers:
• According to the first study, giving away $1000 would make a
person happier than buying a $1000 item, such as a coat.
• According to the second study, spending money on a trip
around the world should make a person happier than spending
it to make an initial payment on a new house.
• According to the third study, making $75,000 should make a
person happier than making $30,000, although the effects of
stress aren’t mentioned in the study.
A SPEAKING
A (page 128)
1. research suggests
2. Studies have shown
3. research has determined
B Referencing Research Studies (page 128)
Answers will vary.
C Critical Thinking: Interpreting Visuals (page 129)
1. The colors represent ways people use their spare cash; the bars
represent the percentage of people who spend their spare
cash in these ways.
2. Asia-Pacific
3. North America and Latin America
4. Possible answers: People in the Asia-Pacific region have more
spare cash than those in North America. Unlike other regions
in the world, people in North America and Latin America
use their spare cash to pay off debt. People in Latin America
and the Middle East/Africa spend less on travel and more on
entertainment, while people in the Asia-Pacific region and
Europe prefer to travel rather than go out locally. People in the
Asia-Pacific region put their spare cash in savings more than
those who live in other regions of the world.
D Critical Thinking: Interpreting Visuals (page 130)
1. Each color represents a different saving strategy. The bar
lengths represent the percentage of people using each
strategy.
2. Europe saves the most on new clothes, on out-of-home
entertainment, and cheaper grocery brands; North America
saves the most on gas and electricity; the Middle East/Africa
saves the most on take-away meals.
3. Answers will vary.
E Critical Thinking: Evaluating (page 130)
1. Answers will vary.
2. Possible answers: Using public transportation, borrowing books
and movies from the library, having friends over for dinner
instead of going to a restaurant.
LESSON TASK Discussing Purchases and Happiness
A–D (page 131)
Answers will vary.
VIDEO Bitcoin: The New Way to Pay
BEFORE VIEWING
A Predicting (page 132)
1. Possible answers: Virtual money is money created and used
online. People can get it online.
2. Possible answers: Yes, it can. It can be used to buy objects
such as video games, books, and computers; and it can buy
experiences such as vacations.
3. Possible answer: No, it is not regulated by a bank.
B (page 132)
1. e
2. a
3. c
4. b
5. d
WHILE VIEWING
C Understanding Main Ideas (page 133)
2. Bitcoin is a valuable digital currency, but it has problems like all
forms of money.
D (page 133)
Answers will vary.
E Understanding Details (page 133)
1. the code itself
2. mine for them
3. buy them from
4. finite
5. no limit
6. backing it up
7. with cash
AFTER VIEWING
F Critical Thinking: Reflecting (page 133)
1. Possible answer: Bitcoin is a digital currency, meaning it was
created and exists only online–there are no physical Bitcoins.
There are a limited number of them. You can mine them
(discover new ones) or buy them from other Bitcoin users, and
you can use them to buy things wherever Bitcoins are accepted.
2. Answers will vary.
3. Answers will vary.
4. Possible answers: Benefits: making payments online from
anywhere you have a connection; being part of a new
consumer community; and perhaps benefiting from discounts
offered to Bitcoin users
Drawbacks: having your Bitcoins stolen; not having insurance
or other support from a bank or financial institution; and
having a limited number of places to use your Bitcoins
5. Possible answers: No, it would not be fair if he took advantage
of mining a lot of Bitcoins very early on and sold them later
once they became popular and their price increased.
Yes, it would be fair since it’s a code that he created and
Bitcoins are not a government-regulated form of currency. It’s
a private enterprise, so its creator has a right to benefit from his
entrepreneurship.
6. Answers will vary.
LESSON B
Vocabulary
B (page 134)
1. Interest
2. deposit
3. transaction
4. withdraw
5. allocate
6. reminder
7. Aid
8. nest egg
9. seemingly
10. overdo
C Critical Thinking: Reflecting (page 135)
Answers will vary.
D Organizing Ideas (page 135)
Answers will vary.
E Personalizing (page 135)
Possible answers:
You should allocate at least 10% of your yearly salary to savings.
Remember to ask about possible aid programs if you’re in financial
trouble.
Use direct deposit for your paychecks to avoid having to deposit
them in person at the bank.
Credit cards are seemingly harmless, but they can lead to big
trouble. Keep track of what you charge and pay your bills on time.
Never touch the money you’ve put into your nest egg.
Be aware that foreign transactions sometimes carry high
transaction fees.
Have fun shopping, but don’t overdo it.
Be aware of your surroundings when you withdraw a large
amount of cash.
B LISTENING A Conversation about Money
BEFORE LISTENING
A Prior Knowledge (page 136)
Answers will vary.
WHILE LISTENING
B Listening for Main Ideas (page 136)
2. the degree of safety of electronic transactions
5. an alternative system for lending and borrowing money
C Listening for Details (page 137)
1. F
2. T
3. T
4. F
5. T
6. NG
D Listening for Shifts in Topic (page 137)
1. c
2. a
3. e
4. b
5. d
AFTER LISTENING
E Critical Thinking: Reflecting (page 137)
Possible answers:
Cash and ATM machines have helped me in emergencies.
Direct deposit has helped me automate my finances.
Credit cards have helped me make large purchases.
Debit cards have helped me to not overspend.
Stored-value cards have helped me make fun purchases for music
or movies.
Peer-to-peer lending has made it easy to donate money and give
to charity.
Interest reminds me to pay my bills on time.
B SPEAKING
A (page 138)
2. w
3. w, y
4. y, y
5. w, y
6. w, y
7. w, w
8. y
B (page 139)
1. b
2. c
3. d
4. a
Answers to the second part will vary.
FINAL TASK A Role-Play about Financial Advice
A–D (pages 139–140)
Answers will vary.
