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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 time
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
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.
Deposited A sum of money placed or kept in a bank account, usually to gain interest
Endorse To sign a check so it can be cashed
Expense The cost required for something; the money spent on something The cost required for something; the money spent on something.
FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
Fees Money paid as part of a special transaction
Financial Literacy the ability to understand finance
Financial Security A security is a fungible, negotiable instrument representing financial value
Fixed Expense Any expense that does not change from period to period
Income Money received
Interest The state of wanting to know or learn about something or someone
Loan Overdraft An extension of credit from a lending institution when an account reaches zero.
Memo A written message, esp. in business; a memorandum.
Needs Requirements that a private or public organization must follow
Non-sufficient funds 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
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 Analysis and adjustment of differences between the cash balance shown on a bank statement, and the amount shown in the account holder's records
Savings The money one has saved, esp. through a bank or official scheme.
Variable Expenses (Variable expense) Variable costs are expenses that change in proportion to the activity of a business
Wants The human motives that induce the business and economic activities which produce the desired goods and services, or the means to acquire them.
Withdrawal An act of taking money out of an account
Created by: dmckay on 2013-03-13



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