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Money & Debt Phrasal Verbs and Idioms: A Practical Quiz for Business English Learners
- Erin West
- Apr 8
- 4 min read
Updated: Aug 3
Welcome to the Business English Phrasal Verbs Quiz!
Today’s focus: this Business English phrasal verb is used when you’ve hit your limit — financially, emotionally, or otherwise. You’ll often hear it when someone has used up all the money on their credit card.
Today’s Challenge:
You’ve been spending a little too freely this month… and now you’re broke. You say:
I _____ out my credit card this month. I have no money.
A) filled
B) maxed
C) broke
D) ran
Choose the correct option and listen to the sentence.
Did you get it right?
MAX OUT
phrasal verb
to use all of something so there is none left (for example, money, space, etc.)
I maxed out my credit card this month. (=I spent all the money available on it.)
The company maxed out its annual budget. =(They used all the money allocated for the year.)
We maxed out our server capacity and had to upgrade. (=The server was full.)
That's right! The correct answer is B) maxed.
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Learn more Business English Phrases to Talk About Money with Confidence
Sometimes in life or business, people borrow money or spend more than they have. When that happens, it’s important to know how to talk about debt clearly. In English, there are many common phrases and idioms that describe borrowing money, owing money, or using savings. Below are useful expressions that native speakers often use when talking about financial stress, loans, and debt.
RUN UP A DEBT
phrase (phrasal verb + object)
to spend so much money that now you owe a lot
He ran up a big debt by using his credit card too much.
We ran up a lot of debt after the move.
Don’t run up debt you can’t pay back.
PAY OFF A LOAN
phrase (phrasal verb + object)
to finish paying all the money you borrowed
I paid off my student loan last year.
We are trying to pay off the car loan early.
It feels good to finally pay off the loan.
TAKE OUT A LOAN
phrase (phrasal verb + object)
to borrow money from a bank or other lender
She took out a loan to buy a house.
We had to take out a loan for the new equipment.
He took out a small loan to start his business.
Want more phrasal verbs? Check out this post on Business English phrasal verbs.
FALL BEHIND ON PAYMENTS
phrase (phrasal verb + object)
to miss payments
He fell behind on payments after losing his job.
Don’t fall behind on your rent.
We’re worried we’ll fall behind on payments this month.
IN THE RED
idiom
to owe more money than you have, to be in debt
Our company is in the red this quarter.
I was in the red after Christmas shopping.
They’re working hard to get out of the red.
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DROWN IN DEBT
idiom
to have so much debt that it’s hard to manage
Many students are drowning in debt after college.
She feels like she’s drowning in debt.
We’re trying not to drown in debt again.
DIP INTO SAVINGS
phrase (phrasal verb + object)
to use your saved money to pay for something
I had to dip into my savings to pay the bills.
They dipped into their savings to fix the car.
We try not to dip into savings unless it’s an emergency.
Test Your Knowledge: Can You Choose the Right Phrasal Verb or Idiom for Each Real-Life Money Situation?
Click here to download the PDF version.
ANSWER KEY
1. The marketing team _____ a debt of nearly $50,000 before anyone noticed the budget had been exceeded.
A) set off
B) ran up
C) gave out
The correct answer is B) ran up.
2. I’m hoping to _____ the loan early and avoid extra interest.
A) put down
B) give up
C) pay off
The correct answer is C) pay off.
3. She _____ a loan to launch her online store during the pandemic.
A) signed
B) gave in
C) took out
The correct answer is C) took out.
4. He _____ on payments when two major clients delayed their invoices.
A) fell behind
B) looked over
C) broke out
The correct answer is A) fell behind.
5. The company was still _____ despite a strong quarter. They owed several vendors large sums of money.
A) in the green
B) on the go
C) in the red
The correct answer is C) in the red.
6. Sales had dropped for three quarters in a row. The team tried cutting costs, but it wasn’t enough. They were _____ before they got acquired by a bigger firm.
A) in full swing
B) drowning in debt
C) breaking even
The correct answer is B) drowning in debt.
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