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Budge&Banking

TermDefinition
ATM Automated Teller Machine
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 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 Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction.
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 Recommend (a product) in an advertisement.
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 Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge
Financial Security A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities
Fixed Expense FIXED EXPENSES) 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 An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.
Memo A written message, esp. in business; a memorandum.
Needs Cannot avoid or help doing something: "they must needs depart" Cannot avoid or help doing something: "they must needs depart".
Non-sufficient funds (NSF) An acronym used in the banking industry to signify that there are "non-sufficient funds" in an account in order to honor a check drawn on that account. Colloquially, this is known as a "bounced check" or "bad check".
Online Banking A system allowing individuals to perform banking activities at home, via the internet. Some online banks are traditional banks which also offer online banking, while others are online only and have no physical presence.
Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable
Payer a person who pays money for something
Reconcile Restore friendly relations between: "she wanted to be reconciled with her father".
Savings An economy of or reduction in money, time, or another resource
Variable Expenses A corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases. Variable costs differ from fixed costs such as
Wants Have a desire to possess or do (something); wish for.
Withdrawal The action of withdrawing something
Created by: Gwalls051512 on 2013-03-11



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