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Budget and Banking

TermDefinition
ATM
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's cashed or deposited into the 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 A payment made for professional advice or services.
Financial Literacy the ability to understand finance
Financial Security 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
Income Money received, esp. on a regular basis, for work or through investments
Interest amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets
Loan Overdraft If you have an overdraft account, your bank will cover checks which would otherwise bounce.
Memo written message, esp. in business; a memorandum.
Needs a requirement, necessary duty, or obligation
Non-sufficient funds (NSF) a term used in the banking industry to indicate that a demand for payment
Online Banking allows customers to conduct financial transactions on a secure website operated by their retai
Payee Party to whom a bill of exchange (such as a check or draft) 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 The money one has saved, esp. through a bank or official scheme
Variable Expenses Variable costs are expenses that change in proportion to the activity of a business
Wants Something that you desire but you don't need
Withdrawal An act of taking money out of an account.
Created by: Ckillings on 2013-03-11



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