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budget and banking

TermDefinition
1. ATM An automated teller machine (ATM), also known as automatic banking machine (ABM), Cash Machine, or Cashpoint
2. Account Balance A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world
3. Budget An estimate of income and expenditure for a set period of time.
4. Checking Account An account at a bank against which checks can be drawn by the account depositor
5. Cleared Check Movement of a check from the bank in which it was deposited to the bank on which it was drawn
6. Credit Union A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc
7. Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
8. Deposit A sum of money placed or kept in a bank account, usually to gain interest.
9. Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account.
10. Endorse 1.Declare one's public approval
11. Expense The cost required for something; the money spent on something
12. FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
13. Fees 1.A payment made for professional advice or services
14. Financial Literacy Financial literacy is the ability to understand finance
15. Financial Security A security is a fungible, negotiable instrument representing financial value
16. Fixed Expense Costs of owning and operating a property that are not discretionary and, except for occasional increases,
17. Income Money received, esp. on a regular basis, for work or through investments.
18. Interest Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money,
19. Loan Overdraft your bank will cover checks which would otherwise bounce. As with any loan
20. Memo A written message, esp. in business; a memorandum.
21. Needs Cannot avoid or help doing something: "they must needs depart".
22. Non-sufficient funds (NSF) A term used to indicate when an item such as a check
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated
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 a person who pays money for something
26. Reconcile Analysis and adjustment of differences between the cash balance shown on a bank statement
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
29. Wants The human motives that induce the business and economic activities which produce the desired goods and services
30. Withdrawal An act of taking money out of an account
Created by: sampangburn on 2013-03-11



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