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BUDGET AND BANKING

TermDefinition
ATM automatic teller machine
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....
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 a check that has been deposited or cashed at a bank
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 To write one's signature on the back of (a check, for example) as evidence of the legal transfer of its ownership, especially in return for the cash or credit indicated on its face.
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. More specifically, it refers to the set of skills and knowledge that allow an...
Financial Security A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities...
Fixed Expense Any expense that does not change from period to period, such as loan payments..
Income Money received, esp. on a regular basis, for work or through investments.
Interest The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Loan Overdraft An overdraft line of credit is a loan attached to your checking account. Instead of bouncing checks and paying large fees, you can borrow a few bucks and pay interest.
Memo A statement saying what the check is for
Needs Cannot avoid or help doing something: "they must needs depart".
Non-sufficient funds (NSF) Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored...
Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or...
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 An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate
Savings An economy of or reduction in money, time, or another resource. 1.An economy of or reduction in money, time, or another resource An economy of or reduction in money, time, or another resource
Variable Expenses A cost that fluctuates directly with output changes.
Wants Have a desire to possess or do (something); wish for.
Withdrawal An act of taking money out of an account.
LADASIA cox
Created by: LADASIA 13 on 2013-03-11



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