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Budget and Banking

TermDefinition
1. ATM automated teller machine
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
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 or support of. 2.Recommend (a product) in an advertisement.
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. 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something.
14. Financial Literacy Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allow an...
15. Financial Security A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities...
16. Fixed Expense (FIXED EXPENSES) Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
17. Income Money received, esp. on a regular basis, for work or through investments.
18. Interest The state of wanting to know or learn about something or someone: "many people lose interest in history".
19. Loan Overdraft
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) Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored...
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or...
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 1.Restore friendly relations between: "she wanted to be reconciled with her father". 2.Cause to coexist in harmony; make or show to be compatible.
27. Savings 1.An economy of or reduction in money, time, or another resource. 2.The money one has saved, esp. through a bank or official scheme.
28. Variable Expenses (Variable expense) Variable costs are expenses that change in proportion to the activity of a business.Garrison, Noreen, Brewer. Ch 2 -...
29. Wants Have a desire to possess or do (something); wish for.
30. Withdrawal 1.The action of withdrawing something. 2.An act of taking money out of an account.
Created by: tricemarie on 2013-03-13



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