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Budget && Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| Account Balance | The amount of money in an account, equal to the net of credits and debits at that point in time for that account. |
| Budget | An itemized forecast of an individual's or company's income and expenses expected for some period in the future. |
| Checking Account | An account which allows the holder to write checks against deposited funds. |
| Cleared Check | An account which allows the holder to write checks against deposited funds. |
| Credit Union | A non-profit financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members, including savings and lending. |
| Debit Card | A non-profit financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members, including savings and lending. |
| Deposit | Money given in advance to show intention to complete the purchase of a property. |
| Direct Deposit | The deposit of funds directly into a bank account as a form of payment. |
| Endorse | A signature used to legally transfer a negotiable instrument. |
| Expense | Any cost of doing business resulting from revenue-generating activities. |
| FDIC | Federal Deposit Insurance Corporation. |
| Fees | 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. |
| Financial Security | An investment instrument, other than an insurance policy or fixed annuity, issued by a corporation, government, or other organization which offers evidence of debt or equity. |
| Fixed Expense | A deposit held by a bank or other financial institution or a fixed amount of time agreed upon between the bank and the depositor. |
| Income | For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. |
| Interest | The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal |
| Loan Overdraft | The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation. |
| Memo | A written message, esp. in business |
| Needs | Technique used to determine how much life insurance is required, by considering the future needs of the policy's beneficiaries. |
| 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. |
| Online Banking | A system allowing individuals to perform banking activities at home, via the internet. |
| Payee | One who receives a payment, such as through cash, check, money order, or promissory note. |
| Payer | One who makes a payment |
| Reconcile | to make two financial accounts or statements agree. |
| Savings | The part of a person's income that is not spent. |
| Variable Expenses | An unavoidable periodic cost that does not have a constant value, such as an electric bill. |
| Wants | desire to want something but don't need |
| Withdrawal | A removal of funds from an account. |
Created by:
RBennett
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