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Budget and Baking

TermDefinition
1. ATM An electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller
2. Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
3. Budget An estimation of the revenue and expenses over a specified future period of time. A budget can be made for a person, family, group of people, business, government, country, multinational organization or just about anything else that makes and spends money
4. Checking Account Checking Account
5. Cleared Check A check that has cleared the depositor's account and has been marked as "canceled" by the bank. A canceled check has been paid by the drawee bank and endorsed by the payee, the payee's bank, and the Federal Reserve Bank. Canceled checks can also be used a
6. Credit Union Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.
7. Debit Card An electronic card issued by a bank which allows bank clients access to their account to withdraw or pay for goods and services. This removes the need for bank clients to go to the bank to remove cash from their account as they can now just go to an ATM o
8. Deposit 1. A transaction involving a transfer of funds to another party for safekeeping.
9. Direct Deposit Electronic funds that are deposited directly into your bank account rather than through a paper check. Common uses of a direct deposit include income tax refunds and pay checks.
10. Endorse to approve, support, or sustain: to endorse a political candidate
11. Expense The cost required for something; the money spent on something.
12. FDIC The U.S. corporation insuring deposits in the U.S. against bank failure. The FDIC was created in 1933 to maintain public confidence and encourage stability in the
13. Fees financial system through the promotion of sound banking practices. 1.A payment made for professional advice or services.
14. Financial Literacy The possession of knowledge and understanding of financial matters. Financial literacy is mainly used in connection with personal finance matters. Financial literacy often entails the knowledge of properly making decisions pertaining to certain personal f
15. Financial Security A financial instrument that represents: an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option.
16. Fixed Expense A cost that does not change with an increase or decrease in the amount of goods or services produced.
17. Income Tax levied directly on personal income.
18. Interest The state of wanting to know or learn about something or someone: "many people lose interest in history".
19. Loan Overdraft An extension of credit from a lending institution when an account reaches zero.
20. Memo memory 1.A person's power to remember things: "I've a great memory for faces".
21. Needs A condition or situation in which something is required or wanted
22. Non-sufficient funds (NSF) A term used to indicate when an item such as a check, or other transaction presented for payment is returned unpaid
23. Online Banking The performance of banking activities via the Internet. Online banking is also known as "Internet banking" or "Web banking."
24. Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.
25. Payer Payer
26. Reconcile An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate
27. Savings saving account A bank account that earns interest.
28. Variable Expenses A corporate expense that varies with production output
29. Wants A lack or deficiency of something: "houses in want of repair".
30. Withdrawal 1.The action of withdrawing something.
Created by: mikecarr on 2013-03-11



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