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Budget and Banking

TermDefinition
ATM Automatic teller machine
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
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
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 Declare one's public approval or support of.
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 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something.
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, do not change
Income Money received, esp. on a regular basis, for work or through investments.
Interest The price paid for borrowing money. It is expressed as a percentage rate over a period of time and reflects the rate of exchange of present consumption
Loan Overdraft Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit)
Memo A written message, esp. in business; a memorandum.
Needs as determined by your institution using the federal methodology and/or your institution's own standards.
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 because the available balance in your deposit account is less than the amount of the item. Also called "Returned item" or "bounced check."
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail
24. Payee Party to whom a bill of exchange (such as a check or draft) is made payable
25. Payer a person who pays money for something.
26. Reconcile key process used to determine whether the money leaving an account matches the amount
27. Savings The money one has saved, esp. through a bank or official scheme
28. Variable Expenses Variable costs are expenses that change in proportion to the activity of a business
Created by: ShoshannaSteinwachs on 2013-03-11



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