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Budget and Banking
| Question | Answer |
|---|---|
| ATM | automated teller machine |
| Account Balance | actual money in a bank account |
| Budget | An estimate of income |
| Checking Account | An account at a bank against which checks can be drawn by the account depositor |
| cleared check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn |
| 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. |
| fee | Money paid as part of a special transaction |
| financial literacy | Financial literacy is 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 |
| income | profitable than they otherwise might have been. also called earnings. |
| interest | The price paid for borrowing money |
| loan overdraft | Loan arrangement under which a bank extends credit up to a maximum amount |
| memo | A written message |
| needs | Something required or wanted; a requisite |
| non-sufficient funds | Reason for dishonoring or returning a check to its depositor |
| online banking | A system allowing individuals to perform banking activities at home, via the internet. |
| payee | One who receives a payment, such as through cash, check, money order, or promissory note. |
| payer | One who makes a payment |
| reconcile | to make two financial accounts or statements agree. |
| savings | The part of a person's income that is not spent. |
| variable expenses | periodic cost that does not have a constant value, such as an electric bill. |
| wants | Consumer spending is two-thirds of the U.S. economy |
| withdrawal | A removal of funds from an account |
Created by:
tmatias
Popular Finance sets