What context can I use each word in?
Learn when and how to use these words with these examples!
IOU
Example
I owe you $20, here's my IOU. [IOU: noun]
Example
Can you lend me some cash? I'll give you an IOU and pay you back next week. [IOU: abbreviation]
chit
Example
I lost my receipt, can I show you the chit instead? [chit: noun]
Example
I don't have any cash on me, can I give you a chit instead? [chit: noun]
Good things to know
Which word is more common?
IOU is more commonly used than chit in everyday language, especially in Western countries.
Whatโs the difference in the tone of formality between IOU and chit?
IOU has a more formal origin and is typically associated with a more formal tone, while chit has a more informal origin and is typically associated with a more casual tone.
