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budget & banking

TermDefinition
ATM automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities
Account Balance The amount of money in an account, equal to the net of credits and debits at that point in time for that account
Budget An itemized forecast of an individual's or company's income and expenses expected for some period in the future
checking account An account which allows the holder to write checks against deposited funds
cleared check Movement of a check from the bank in which it was deposited to the bank on which it was drawn
credit union Financialcooperative created for and by its members who are its depositors, borrowers, and shareholders
Debit Card Bank card used in cash transactions, but which is not a credit card
deposit Funds placed into an account at a depository institution to increase the credit balance of the account
direct deposit Automatictransfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary
endorse to write on the back of; especially : to sign one's name as payee
expense Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business
FDIC Insurance policy provided by financial institutions affiliated with the FDIC
fees In contracts based on cost reimbursement pricing, the 'fee' represents an amount beyond the initial cost estimates
Financial Literacy Possessing the knowledge necessary to understand concepts related to finance
Fixed Expense see fixed cost
Income For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time
Interest The fee charged by a lender to a borrower for the use of borrowed money
Loan Overdraft The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation
Memo An accounting entry with no debit or credit amounts
Financial Security being free from money problems, having a back up plan
Needs A motivating force that compels action for its satisfaction
Withdrawal A removal of funds from an account
Wants the market has tended to be long on stuff in people’s basements and attics that they won’t ever need and short on stuff that can have a broader impact on economic efficiency
Variable Expenses An unavoidable periodic cost that does not have a constant value, such as an electric bill
Savings The part of a person's income that is not spent
Reconcile to make two financial accounts or statements agree
Payer In fixed-rate interest swap agreements, the party that pays a fixed rate of interest while receiving floating rate interest from the counterparty
Payee One who receives a payment, such as through cash, check, money order, or promissory note
Online Banking A system allowing individuals to perform banking activities at home, via the internet
Non-sufficient funds (NSF) dont have enough money to cover the checks they wrote
Created by: tawilliams on 2013-03-11



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