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Budget and Banking

TermDefinition
ATM automated teller machine
Account Balance A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world....
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 This process (called 'clearing cycle') normally results in a credit to the account at the bank of deposit, and an equivalentdebit to the account at the bank on which it was drawn.
Credit Union A nonprofit financial cooperative offering deposit accounts, low-interest loans
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 Declare one's public approval or support of
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 A payment made for professional advice or services.
Financial Literacy the ability to understand finance
Financial Security 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
Income Money received, esp. on a regular basis, for work or through investments.
Interest The state of wanting to know or learn about something or someone: "many people lose interest in history".
Loan Overdraft Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or makewithdrawals.
2Memo A written message, esp. in business; a memorandum.
Needs A condition or situation in which something is required or wanted
2Non-sufficient funds (NSF) a check that is dishonored on presentation because of insufficient funds
Online Banking allows customers to conduct financial transactions on a secure website operated by their retail
Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.
2Payer a person who pays money for something
Reconcile To settle or resolve
Savings An economy of or reduction in money, time, or another resource
Variable Expenses expenses that change in proportion to the activity of a business
Wants A lack or deficiency of something; Have a desire to possess or do (something)wish for.
Withdrawal Take (money) out of an account
Created by: rspell on 2013-03-07



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