Difference between insolvent and broke

[Silvia]

Business Idiom in English, Intermediate level

ESL/EFL Test #141 "Expressions and phrases with money", question 10

I'm ......... at the moment. Can you lend me ten pounds until the weekend?

(a) bankrupt
(b) broke
(c) ruined
(d) insolvent

Business Idiom in English, Intermediate level

ESL/EFL Test #141 "Expressions and phrases with money", answer 10

I'm broke at the moment. Can you lend me ten pounds until the weekend?

Correct answer: (b) broke

Your answer was: incorrect
I'm insolvent at the moment. Can you lend me ten pounds until the weekend?
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difference between insolvent and broke

Silvia

[Yankee]

Hi

The word 'broke' is an informal word and can be used to talk about a temporary or short-term lack of money --- for example, a person who has no money until he receives his next paycheck or until he has an opportunity to go to the bank.

The word 'insolvent' is more formal and indicates a more permanent or long-term lack of money. If you're insolvent, your money problems would also be much bigger than ten pounds.

Amy
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"Nearly all men can stand adversity, but if you want to test a man's character, give him power." ~ Abraham Lincoln

[Rag Ram]

What is the diference between 'insolvent' and 'bankrupt'.

Why don't we use 'bankrupt' instead of 'insolvent' ?

[Yankee]

Hi Rag Ram

The correct answer in the test is "broke". (See my previous post.)

For definitions of "insolvent" and "bankrupt", have a look here and here, for example. You might also find this helpful.
.
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"Nearly all men can stand adversity, but if you want to test a man's character, give him power." ~ Abraham Lincoln