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Budget and Banking

TermDefinition
ATM automates teller machine
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment
Budget An estimate of income and expenditure for a set period of time
Checking Account An account at a bank against which checks can be drawn by the account depositor
Cleared Check the bank in which the check was deposited mailing the check to the issuing bank
Credit Union A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc
Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase
Deposit A sum of money placed or kept in a bank account, usually to gain interest
Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account
Endorse to write on the back of; especially : to sign one's name as payee
Expense The cost required for something; the money spent on something
FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits
Fees Money paid as part of a special transaction, e.g., for a privilege or for admission to something
Financial Literacy the ability to understand finance
Financial Security A security is a fungible, negotiable instrument representing financial value
Fixed Expense Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
Income Money received, esp. on a regular basis, for work or through investments
Interest An excess or bonus beyond what is expected or due
Loan Overdraft limit on borrowing on a bank current account
Memo A written message, esp. in business; a memorandum
Needs Cannot avoid or help doing something
Non-sufficient funds (NSF) indicate that a demand for payment (a check) cannot be honored
Online Banking allows customers to conduct financial transactions on a secure website
Payee the person to whom a check, money order, etc., is made out
Payer a person who pays money for something
Reconcile process used to compare two sets of records to ensure the figures are in agreement and are accurate
Savings The money one has saved, esp. through a bank or official scheme
Variable Expenses change in proportion to the activity of a business
Wants Have a desire to possess or do
Withdrawal An act of taking money out of an account.
Created by: abaker124 on 2013-03-07



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