Banking Vocabulary by Imani Camp https://padlet.com/27campi/5pp1yc8u4xcrgigb en-us 2024-09-26 16:09:34 UTC 2024-09-28 03:11:38 UTC hello@padlet.com Budget 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140786023 Definition: an estimate of income and expenditure for a set period.


Sentence: I needed to stay within the budget

]]> 2024-09-26 16:31:57 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140786023 Discretionary Income 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140793029 Definition: money left over after a person pays their taxes and pays for essential goods and services like housing and food.


Sentence: She was quite happy with how much money she had after she got her discretionary income

]]> 2024-09-26 16:36:09 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140793029 Recurring Expenses 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140798642 Definition: a cost that occurs on a regular basis and is necessary for the ongoing operation of a business


Sentence: Rent is a recurring expense at my business



]]> 2024-09-26 16:39:59 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140798642 Fixed Expenses 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140827453 Definition: an expense for a company(or person) that is the same amount every time it is paid.


Sentence: Utility bills are a fixed expense



]]> 2024-09-26 16:57:09 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3140827453 Variable expenses 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142549916 Definition: costs that may vary or be unpredictable


Sentence: A car repair is a variable expense as the prices can vary.

]]> 2024-09-27 12:59:02 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142549916 Budget Surplus 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142553944 Definition: when income or revenue exceeds expenditures


Sentence: I saved up more money than expected this month which means I have a budget surplus



]]> 2024-09-27 13:01:37 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142553944 Budget Deficit 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142559205 Definition: when money going out (spending) exceeds money coming in (revenue) during a defined period.


Sentence; I had a budget deficit issue, I was earning more than I was earning


]]> 2024-09-27 13:05:31 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142559205 Liquidity 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142849187 Definition: the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price.


Sentence: Solid cash is a liquid asset as you can just hand that over, while physical and tangible items are less liquid.





]]> 2024-09-27 16:04:31 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142849187 FDIC 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142852809 Definition: an independent agency created by Congress to maintain stability and public confidence in the nation's financial system.


Sentence: After the great depression the government created the FDIC to make sure banks never failed citizens again

]]> 2024-09-27 16:07:13 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142852809 Credit Union 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142856737 Definition: a not-for-profit financial institution that accepts deposits, makes loans, and provides a wide array of other financial services and products.


Sentence: Credit Unions are similar to banks, they even offer credit cards.

]]> 2024-09-27 16:10:13 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142856737 Checking Account 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142861074 Definition: a deposit account held at a financial institution, such as a bank or credit union.


Sentence: I put a certain percentage of the wage into my checking account

]]> 2024-09-27 16:13:11 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142861074 ATM 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142862878 Definition: computerized telecommunications devices that provide clients of a financial institution with access to financial transactions in a public place.


Sentence: I got 20 bucks from the ATM at my bank

]]> 2024-09-27 16:14:36 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142862878 Debit Card 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142865612 Definition: a payment card that makes payments by deducting money directly from a consumer's checking account, rather than on loan from a bank or card issuer.


Sentence: The money on my debit card is my own money so I do not owe the bank anything

]]> 2024-09-27 16:16:41 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142865612 Savings Account 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142873735 Definition: A savings account is an account at a bank or credit union that is designed to hold your money.


Sentence: I use my savings account to hold and save my money

]]> 2024-09-27 16:22:21 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142873735 Money Market Deposit Account 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142880606 Definition: an interest-bearing savings account that offers a higher-yield interest rate


Sentence: I get more money from a Money Market deposit account because the interest is higher.

]]> 2024-09-27 16:27:51 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142880606 APY 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142884162 Definition: (APY) is the rate of interest earned on an investment or savings account over the course of a year.


Sentence: I got an APy of 5% in my savings account

]]> 2024-09-27 16:30:29 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142884162 Nominal Interest Rate 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142890145 Definition: The interest rate before taking inflation into account.


Sentence: When looking at interest I like looking at the Nominal Interest Rate to know what I should pay the bank

]]> 2024-09-27 16:35:26 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142890145 Real Interest Rate 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142896665 Definition: an interest rate that has been adjusted for inflation.


Sentence: my real interest rate on a loan is much lower when accounting for inflation



]]> 2024-09-27 16:40:44 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142896665 Fee Schedule 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142900335 Definition: a comprehensive and organized list of fees or charges associated with specific products or services a business or organization provides.


Sentence: This can be used to reimburse doctors and/or companies


]]> 2024-09-27 16:43:52 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142900335 Signature card 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142904272 Definition: a document that financial institutions use to authenticate a customer's signature for personal and business bank accounts


Sentance: My bank uses my signature card to make it's me signing things

]]> 2024-09-27 16:47:24 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142904272 Emergency Funds 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142907494 Definition: An emergency fund is a set of savings that you can use to cover unexpected financial expenses, such as Job loss, Medical bills, Home or auto repairs, and Other financial emergencies


Sentence: I have an emergency fund in case I need money in emergency situations

]]> 2024-09-27 16:50:17 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142907494 Bank Statements 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142912889 Definition: a list of all transactions for a bank account over a set period, usually monthly.


Sentence: My bank statement showed all the money I had taken out last month

]]> 2024-09-27 16:54:46 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142912889 PIN 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142942794 Definition: a numerical code issued with a payment card that is required to be entered to complete various financial transaction


Sentence: I have to type in my pin number when buying groceries

]]> 2024-09-27 17:19:22 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3142942794 Overdraft 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143260463 Definition: occurs when you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway.


Sentence: I tried to take out 200 dollars but it ended up becoming an overdraft.

]]> 2024-09-28 00:46:14 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143260463 Nonsufficient funds fee 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143280344 Definition: Fees resulting from the initiation of a transaction that exceeds the customer's account balance if the customer's bank or credit union declines to make the payment.


Sentence: I tried to write a check but it was returned due to my unsufficient fund fee

]]> 2024-09-28 01:22:12 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143280344 Fraud 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143285653 Definition: a crime that involves the intentional use of deception to deprive someone of money or harm their financial health


Sentence: She committed fraud by faking being blind on the streets to get money.

]]> 2024-09-28 01:32:45 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143285653 FTC 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143328244 Definition: a federal agency that protects consumers and promotes competition in the marketplace


Sentence: The FTC can investigate companies

]]> 2024-09-28 02:50:13 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143328244 Identity Theft 27campi https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143340502 Definition : a type of identity theft that occurs when someone steals your financial information and uses it for their own financial gain.


Sentence: She committed a identity theft by stealing my card and buying a bunch of things

]]> 2024-09-28 03:11:38 UTC https://padlet.com/27campi/5pp1yc8u4xcrgigb/wish/3143340502