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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities (checking one's balance, withdrawing or transferring funds) even when the bank is closed. |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment. |
| Budget | An estimate of income and expenditure for a set period of time |
| Checking Account | a bank deposit against which checks can be drawn by the depositor. |
| Cleared Check | It means the check was cashed or deposited |
| 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. |
| Deposit | A sum of money placed or kept in a bank account, usually to gain interest. |
| Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | To write one's signature on the back of (a check, for example) as evidence of the legal transfer of its ownership, especially in return for the cash or credit indicated on its face. |
| Expense | The cost required for something; the money spent on something. |
| FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits. |
| Fees | A payment made for professional advice or services |
| Financial Literacy | Financial literacy is the ability to understand finance |
| Financial Security | security is a fungible, negotiable instrument representing financial value |
| Fixed Expense | A cost that does not change with an increase or decrease in the amount of goods or services produced |
| income | Money received, esp. on a regular basis, for work or through investments |
| Interest | a charge for borrowed money generally a percentage of the amount borrowed |
| Loan Overdraft | Loan arrangement under which a bank extends credit up to a maximum amount |
| Memo | A written message, esp. in business; a memorandum |
| Needs | Cannot avoid or help doing something: "they must needs depart |
| 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... |
| Online Banking | Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website |
| 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 | An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. |
| Savings | The money one has saved, esp. through a bank or official scheme |
| Variable Expenses | Variable costs are expenses that change in proportion to the activity of a business |
| Wants | Something thats you want , not desired |
| Withdrawal | An act of taking money out of an account |
Created by:
tjohnson123
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