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Budget and Banking

TermDefinition
ATM an electronic banking machine that dispenses cash, accepts deposits, and performs other services when a customer inserts a plastic card and pushes the proper coded buttons.
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
Budget an estimate, often itemized, of expected income and expense for a given period in the future.
Checking Account a bank deposit against which checks can be drawn by the 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 cooperative group that makes loans to its members at low rates of interest.
Debit Card a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders.
Deposit to place for safekeeping or in trust, especially in a bank account
Direct Deposit a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients.
Endorse to write on the back of; especially : to sign one's name as payee
Expense cost or charge
FDIC a public corporation, established in 1933, that insures, up to a specified amount, all demand deposits of member banks.
Fees a charge or payment for professional services
Financial Literacy Possessing the knowledge necessary to understand concepts related to finance.
Financial Security Protection of a person's financials
Fixed Expense Expenses that continue at relatively stable levels, personnel expenses,and some minimal level of utilities.
Income The money a person makes from labor, investment, or any other source, especially in the course of a year.
Interest The price paid for borrowing money.
Loan Overdraft An extension of credit from a lending institution when an account reaches zero
Memo including who the memo is from, the name of the addressee, the subject of the memo and a brief, straightforward message.
Needs Of necessity
Non-sufficient funds (NSF) a check that is dishonored on presentation because of insufficient funds
Online Banking The conducting of bank business at home by means of electronic communications, such as a telephone or computer
Payee One to whom money is paid.
Payer
Reconcile to bring into agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts.
Savings money put into an account to be used at a later time
Variable Expenses A cost that fluctuates directly with output changes
Withdrawal the act of taking out money or other capital
Created by: mfowler713 on 2013-03-11



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