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Budget and Banking

QuestionAnswer
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 on 2013-03-07



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