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Budet & 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. also called balance.
Budget 1. an estimate, often itemized, of expected income and expense for a given period in the future. 2. a plan of operations based on such an estimate
Checking Account a bank deposit against which checks can be drawn by the depositor.
Cleared Check A cleared check refers to a check that has been verified with the issuer's bank and is approved for payment. The appropriate funds exist within the issuer's account.
Credit Union a cooperative group that makes loans to its members at low rates of interest.
Debit Card a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders.
Deposit to place for safekeeping or in trust, especially in a bank account: He deposited his paycheck every Friday.
Direct Deposit a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients.
Endorse designate oneself as payee of (a check) by signing, usually on the reverse side of the instrument
Expense cost or charge: the expense of a good meal
FDIC Federal Deposit Insurance Corporation
Fees a charge or payment for professional services: a doctor's fee
Financial Literacy Financial literacy is the ability to understand finance.
Financial Security A security is a fungible, negotiable instrument representing financial value.
Fixed Expense FIXED EXPENSES) Costs of owning and operating a property that are not discretionary and, except for occasional increases
Income Money received, esp. on a regular basis, for work or through investments
Interest interest: (usually plural) a social group whose members control some field of activity and who have common aims
Loan Overdraft An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.
Memo A written message, esp. in business; a memorandum A written message, esp. in business; a memorandum.
Needs somwething you have to have to survive food water shelter
Non-sufficient funds (NSF) A term used to indicate when an item such as a check, or other transaction presented for payment is returned unpaid.
Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail
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 to bringinto agreementorharmony;make compatibleorconsistent: to reconcile differing statements; to reconcile accounts.
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
Variable Expenses Variable expense) Variable costs are expenses that change in proportion to the activity of a business.Garrison, Noreen, Brewer.
Wants Have a desire to possess or do (something); wish for Have a desire to possess or do (something); wish for.
Withdrawal 1.The action of withdrawing something. 2.An act of taking money out of an account.
Created by: Jernisa on 2013-03-13



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