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Budget && Banking

TermDefinition
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 on 2013-03-13



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