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Budget and Banking

TermDefinition
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
Budget An estimation of the revenue and expenses over a specified future period of time
Checking Account A transactional deposit account held at a financial institution that allows for withdrawals and deposits.
Cleared Check check has been paid by the drawee bank and endorsed by the payee, the payee's bank, and the Federal Reserve Bank.
Credit Union Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.
Debit Card An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services.
Deposit A transaction involving a transfer of funds to another party for safekeeping.
Direct Deposit Electronic funds that are deposited directly into your bank account rather than through a paper check
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
ATM an electronic banking machine
FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
Fees A payment made for professional advice or services.
Financial Literacy The possession of knowledge and understanding of financial matters.
Financial Security A security is a fungible, negotiable instrument representing financial value
Fixed Expense cost that does not change with an increase or decrease in the amount of goods or services produced
Income Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital
Interest The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
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.
Memo A written message, esp. in business
Needs Cannot avoid or help doing something:
NSF Colloquially, this is known as a "bounced check" or "bad check". Non-Sufficient funds
Online Banking The performance of banking activities via the Internet. Online banking is also known as "Internet banking" or "Web banking."
Payee The party in an exchange who receives payment
Payer An entity that makes a payment to another
Reconcile An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate.
Savings According to Keynesian economics, the amount left over when the cost of a person's consumer expenditure is subtracted from the amount of disposable income that he or she earns in a given period of time
Variable Expenses corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume
Wants Have a desire to possess or do
Withdrawal The action of withdrawing something
Created by: SNAnderson on 2013-03-13



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