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Budget and banking

TermDefinition
ATM Automated teller machine
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment. 2. The total amount of money owed to a third party such as a credit card company, utility company, mortgage banker or other type of lender or creditor. The
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, and the movement of its face amount in the opposite direction. This process (called 'clearing cycle') normally results in a credit to the account at the bank of
Credit Union Financialcooperative created for and by its members who are its depositors, borrowers, and shareholders. Operated on non-profit basis, credit unions offer many banking services, such as consumer and commercial loans (usually at lower than market interest
Debit Card Bank card used in cash transactions, but which is not a credit card. In a debit card transaction, the amount of a purchase is withdrawn from the available balance in the cardholder's account. If the available funds are insufficient, the transaction is not
Deposit Funds placed into an account at a depository institution to increase the credit balance of the account.
Direct Deposit Automatictransfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary.
Endorse Insurance: Special provisions added to an insurance policy to enhance or restrict its coverage. In other types of contracts also, endorsements are the addenda which, though not a part of the original, become its integral and legal part when attached.
Expense Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.
FDIC Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100,000.
Fees A fee charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities or real estate.
Financial Literacy Possessing the knowledge necessary to understand concepts related to finance. These ideas may include balancing a checkbook, understandinginterest rates, employee benefits, or how the stock market works.
Financial Security Being able to buy what you want on your own terms.
Fixed Expense A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses that have to be paid by a company, independent of any business activity. It is one of the two components of the total cost of a
Income Money received, esp. on a regular basis, for work or through investments.
Interest The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
Loan Overdraft An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.
Memo A written message, esp. in business; a memorandum.
Needs A requirement, necessary duty, or obligation.
Non-sufficient funds (NSF) An acronym used in the banking industry to signify that there are "non-sufficient funds" in an account in order to honor a check drawn on that account. Colloquially, this is known as a "bounced check" or "bad check". Banks normally charge a fee to the
Online Banking A system allowing individuals to perform banking activities at home, via the internet.
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 Cause to coexist in harmony; make or show to be compatible.
Savings The money one has saved, esp. through a bank or official scheme.
Variable Expenses Property operating expenses that increase and decrease in relatively direct proportion to changes in occupancy. It is important to differentiate between fixed expenses and variable expenses because the fixed expenses must be met every month,no matter what
Wants A lack or deficiency of something: "houses in want of repair".
Withdrawal 2.An act of taking money out of an account.
Created by: yzulqarnain on 2013-03-11



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