XII-8. Personal Finance and Budgeting
Warm-Up & Vocabulary
Key Vocabulary
- Discretionary Income (n.): Income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items (savings for wants vs. needs).
- Frugal (adj.): Sparing or economical with regard to money or food; careful about spending.
- Asset Allocation (n.): An investment strategy that aims to balance risk by dividing assets among different categories.
- Liquidity (n.): The availability of liquid assets to a market or company; how easily an asset can be converted into cash.
- Overspending (n.): The act of spending more money than one has budgeted or earned.
Vocabulary Quiz: Matching
Summarizing a Speaker’s Opinion in TOEFL iBT Speaking
In TOEFL iBT Integrated Speaking (typically Task 4), you listen to a campus or academic conversation where two speakers discuss a problem or proposal. You are then asked to state one speaker’s opinion and explain the reasons they give to support that view.
Core Strategies for Opinion Summaries
- Identify the Core Stance: Determine whether the speaker supports or opposes a specific financial strategy (e.g., student budgeting, credit card usage, or emergency savings).
- Capture the Key Reasons (The “Why”): Speakers usually provide two primary reasons or justifications for their opinion. Listen for transition cues like “The main reason is…”, “For one thing…”, or “On top of that…”.
- Maintain Neutral Reporting Language: Use reporting verbs correctly (“The woman argues that…”, “He believes that…”, “According to the student…”).
Useful Transition Phrases for Spoken Summaries
- Introduction (10 sec): State who you are talking about and what their overall opinion is.
- Template: “In the conversation, the woman expresses her opinion that university students should…”
- Reason 1 (20 sec): Explain the first justification provided by the speaker
- Template: “First, she argues that…”
- Reason 2 (20 sec): Explain the second supporting reason or example.
- Template: “Additionally, she points out that…”
Skill Practice
Practice Quiz 1: Fill in the Blank
Practice Quiz 2: True or False
Read the listening transcript snippet and evaluate the summary statements below.
Transcript Snippet:
Woman: “I really think students shouldn’t open multiple credit cards. First of all, it’s too easy to lose track of spending limits. Second, missing just one payment can severely damage your credit score right when you’re preparing to rent an apartment after graduation.”
Practice Quiz 3: Multiple Choice
Read the listening excerpt below and select the best 1-sentence summary of the speaker’s opinion and reason.
Transcript Snippet:
Man: “I disagree with cutting out all entertainment expenses from our budget. We need to set aside money for social activities because keeping a strict, joyless budget usually leads to burnout and a total financial relapse where people start overspending impulsively.”
ng just one payment can severely damage your credit score right when you’re preparing to rent an apartment after graduation.”