Banking Unit Vocabulary by Caleal Young https://padlet.com/26youngc3/l180pfpthtz2lsc6 en-us 2024-09-26 16:09:33 UTC 2024-10-01 16:09:37 UTC hello@padlet.com Budget 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140766314 Definition: The amount of money needed or available for a purpose.


Sentence: The movie production team went a lot over their budget.

]]> 2024-09-26 16:19:46 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140766314 Discretionary Income 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140773338 Definition: The money left over after paying for taxes and food.


Sentence: the family agreed to use their Discretionary Income to go on vacation.

]]> 2024-09-26 16:24:10 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140773338 Recurring Expenses 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140782443 Definition: A cost that occurs on a regular basis and is necessary for ongoing operation of a business.


Sentence: The manager of Apple picked up a paper filled with recurring expenses and tossed it to the side for later.

]]> 2024-09-26 16:29:38 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140782443 Fixed Expenses 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140796718 Definition: The cost that typically remains the same in price and frequency.


Sentence: The expensive car brought with it a plan of pricey fixed expenses.

]]> 2024-09-26 16:38:40 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140796718 Variable Expenses 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140808102 Definition: Expenses that change depending on how often you use a product or service.


Sentence: The family decided to eat at home more in order to reduce the variable expenses of dining out.

]]> 2024-09-26 16:45:46 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140808102 Budget Surplus 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140822528 Definition: When earnings exceed spending in a given period.


Sentence: Thanks to a new job, The boy had a $100 budget surplus.

]]> 2024-09-26 16:54:11 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140822528 Budget Deficit 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140824715 Definition: When spending exceeds earnings in a given period.


Sentence: The U.S. currently has a massive budget deficit.

]]> 2024-09-26 16:55:40 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3140824715 Liquidity 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142854779 Definition: The ease in which something can be turned into ready cash without affecting its marketing price.


Sentence: The banks liquidity was quite high.

]]> 2024-09-27 16:08:44 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142854779 FDIC 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142860463 Definition: An independent agency created to maintain stability and public support in the nation's financial system.


Explanation: As the family looked at different banks, they made sure it was insured by the FDIC before deciding on one.

]]> 2024-09-27 16:12:46 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142860463 Credit Union 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142865013 Definition: A non-profit institution that accepts deposits and makes loans.


Sentence: There are many different credit unions around me.

]]> 2024-09-27 16:16:07 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142865013 Checking Account 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142872906 Definition: a banking account that allows you to put money in, take money out and make deposits.


Sentence: In order to prepare for a vacation, the family took some money out of their checking account.

]]> 2024-09-27 16:21:37 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142872906 ATM 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142877267 Definition: An electric bank that can be used to withdraw cash and make financial purchases.


Sentence: The family went to the ATM in Walmart to get some money.

]]> 2024-09-27 16:25:06 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142877267 Debit Card 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142880694 Definition: A card that is linked directly to your banking account, allowing you to make purchases with it and the money comes right out of your bank.


Sentence: The family used a debit card to pay for their hotel.

]]> 2024-09-27 16:27:55 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142880694 Savings Account 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142885157 Definition: An account at a bank or credit union designed to hold your money.


Sentence: The family put money in their savings account for next year.

]]> 2024-09-27 16:31:10 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142885157 Money Market Deposit Account (MMDA) 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142897608 Definition: a type of account offered by banks and credit unions where some features are not seen in regular accounts.


Sentence: The bank offered the family a money market deposit account.

]]> 2024-09-27 16:41:26 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142897608 APY (Annual Percentage Yield) 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142901183 Definition: The percentage that indicates how much a bank made a year.


Sentence: The bank's APY was concerningly low.

]]> 2024-09-27 16:44:36 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142901183 Nominal Interest Rate 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142907605 Definition: The rate of interest before adjusting for inflation.


Sentence: The bank's nominal interest rate was expected to be 7%.

]]> 2024-09-27 16:50:21 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142907605 Real interest rate 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142911379 Definition: An interest rate that has been adjusted for inflation.


Sentence: After inflation, the bank's real interest rate was 4%.

]]> 2024-09-27 16:53:28 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3142911379 Fee Schedule 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146662939 Definition: A comprehensive and organized list of fees or charges associated with specific products or services a business or organization needs.


Sentence: With all the fees from the vacation, the family had to make a fee schedule.

]]> 2024-09-30 16:36:02 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146662939 Signature Card 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146673205 Definition: a document that financial institutions use to authenticate a customer's signature for personal and business bank accounts


Sentence: The business asked the man for his signature card.

]]> 2024-09-30 16:41:07 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146673205 Emergency Fund 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146676317 Definition: a cash reserve that's specifically set aside for unplanned expenses or financial emergencies


Sentence: After a car accident, the family had to go into their emergency funds to pay for their car to be fixed.

]]> 2024-09-30 16:42:45 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146676317 Bank Statement 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146681618 Definition: a document given to an account holder by a financial institution to detail all transactions occurring over a specific time period


Sentence: The bank gave the family a bank statement after they realized they had less money that calculated.

]]> 2024-09-30 16:45:40 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146681618 PIN 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146687406 Definition: Personal Identification Number


Sentence: The man had to put his PIN in before purchasing stuff from the store.

]]> 2024-09-30 16:49:16 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146687406 Overdraft 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146690001 Definition: occurs when you don't have enough money in your account to cover a transaction, but the bank pays the transaction anyway


Sentence: The man realized his balance was low due to lots of overdreaft.

]]> 2024-09-30 16:50:52 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146690001 Nonsufficient Funds Fee 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146700482 Definition: when you don't have enough money in your checking or savings account to cover the entire transaction


Sentence: -\_(0_0)_/-

]]> 2024-09-30 16:56:55 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3146700482 Fraud 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3148591005 Definition: When someone takes money or assets from you through deception or criminal activity.


Sentence: The man was called out for fraud by his friends.

]]> 2024-10-01 16:02:07 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3148591005 FTC 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3148600743 Definition: Federal Trade Commission enforces a variety of antitrust laws.


Sentence: The man was caught by the FTC for violating antitrust laws.

]]> 2024-10-01 16:06:46 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3148600743 Identity Theft 26youngc3 https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3148605080 Definition: The act of illegally using another individual's personally identifying information to commit a fraud or other crimes.


Sentence: The family shredded their mail in a paper shredder to prevent identity theft.

]]> 2024-10-01 16:09:37 UTC https://padlet.com/26youngc3/l180pfpthtz2lsc6/wish/3148605080