| RISINGDOUGH | What a baker gets after adding yeast, or what the circled letters represent |
| YEAST | What a baker gets a rise out of? |
| CORPORATEBONDS | Capital-raising vehicles, or what the circled letters represent |
| OPENMARKET | Accessible commerce with few restrictions, or what the circled letters represent |
| COMPASS | What the circled letters represent |
| WATER | What the circled letters represent |
| SILENTNIGHT | Song of 1859 ... or what the five circled letters represent? |
| DAYSHIFT | What a nine-to-fiver works ... or, literally, what each set of circled letters represents |
| ACUTABOVETHEREST | Superior ... or what this puzzle's circled letters represent? |
| FISHHOOK | Device at the end of the line, and what each set of circled letters represents |
| STARTSCHOOL | What many kids do at the end of summer, or what the circled letters are in relation to each phrase |
| OUTOFORDER | Like a nonfunctioning vending machine, or what the circled letters are, in two ways |
| BARM | Word for the froth of fermenting liquor; yeast or leaven; or, with "brack" or "cake", dialect for fruit loaf or a soft bread roll respectively (4) |
| TOWNSQUARES | What the six groups of circled letters represent |
| SPLITHAIRS | Nitpick, and what this puzzle's circled letters represent |
| STEPMOM | Wicked relative of Cinderella ... or what each set of circled letters represents? |
| DARWIN | Evolution theorist ... or what the circled letters are evolving toward? |
| HOLESINTHEWALL | Dingy bars, or what the circled letters can help fix |
| RUBTHEWRONGWAY | Be annoying ... or what the circled letters consist of |
| BREAKFAST | Important meal, or what the circled letters do, if parsed another way |
