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budget and banking

TermDefinition
1. ATM ATM is "At The Moment" or "Automated Teller Machine (cash machine)"
2. Account Balance The amount of money in a financial repository, such as a checking account, at any given moment
3. Budget An estimation of the revenue and expenses over a specified future period of time. A budget can be made for a person, family, group of people
4. Checking Account A transactional deposit account held at a financial institution that allows for withdrawals and deposits.
5. Cleared Check Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction
6. Credit Union Financialcooperative created for and by its members who are its depositors, borrowers, and shareholders. Operated on non-profit basis, credit unions offer many banking
7. Debit Card A card which allows customers to access their funds immediately, electronically. Unlike a credit card, a debit card does not have any float.
8. Deposit Money transferred into a customer's account at a financial institution.
9. Direct Deposit The deposit of funds directly into a bank account as a form of payment. Common uses for direct deposit include paychecks and tax refunds.
10. Endorse An endorsement consisting of nothing but a signature and allowing any party in possession of the endorsed item to execute a claim.
11. Expense Any cost of doing business resulting from revenue-generating activities.
12. FDIC Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100,000.
13. Fees A rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal
14. Financial Literacy Possessing the knowledge necessary to understand concepts related to finance. These ideas may include balancing a checkbook, understandinginterest rates, employee benefits, or how the stock market works.
15. 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.
16. Fixed Expense Real Estate: Expenses that remain the same regardless of occupancy. Interest expense is typically considered fixed, while electricity costs are considered to be variable because they typically change from month to month.
17. Income For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time. Income is the reason corporations exist, and are often the single most important determinant of a stock's price.
18. Interest The state of wanting to know or learn about something or someone: "many people lose interest in history".
19. Loan Overdraft You spent more or withdrew money (either with checks or with your card) than you had available in the account. You owe them that money. Also, they ... \----------------------------------------------------------------------------------------
19. 20. Memo A written message, esp. in business; a memorandum.
21.needs 1.the necessities of life;
22. Non-sufficient funds (NSF) Reason for dishonoring or returning a check to its depositor
23. Online Banking A system allowing individuals to perform banking activities at home, via the internet.
24. Payee One who receives a payment, such as through cash, check, money order, or promissory note.
25. Payer One who makes a payment.
26. Reconcile to make two financial accounts or statements agree
27. Savings The part of a person's income that is not spent.
28. Variable Expenses An unavoidable periodic cost that does not have a constant value, such as an electric bill.
29. Wants Particularly in the U.S., the market has tended to be long on stuff in people’s basements and attics that they won’t ever need and short on stuff that can have a broader impact on economic efficiency
30. Withdrawal A removal of funds from an account
Created by: kerianna on 2013-03-13



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