iou

Everyday

1. A short written note that says you owe someone money; it stands for «I owe you» because the letters sound like those words. tree →
2. (informal) A promise to do something or pay back later. tree →

In the lessons

In maths and money lessons IOUs show debt: the note means someone must pay later. In everyday life children write IOUs for pocket money or favours, and in stories an IOU can be a clue to a debt. Phrases: write an IOU, an IOU for £5, give someone an IOU.

Examples

• I didn't have any money, so I gave my sister an IOU for £2. tree →
• Dad found an old IOU in his wallet. tree →
• The pirate's map came with an IOU for ten gold coins. tree →
• My birthday card had an IOU for a trip to the cinema. tree →
• If you write an IOU, you must pay it back. tree →
• Tom has three IOUs from his brother for chores. tree →
• An IOU for $10 means the writer owes $10. tree →

Note

Usually written in capitals: IOU, plural IOUs. «An IOU», because the first sound is «eye». It is a pun: I-O-U sounds like «I owe you». In maths problems, an IOU counts as money owed, so it is taken away from what the writer has.