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Budget and Banking

TermDefinition
ATM A machine that provides cash and performs other banking services on insertion of a special card.
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 An account at a bank against which checks can be drawn by the account depositor.
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.
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 on the back of; especially : to sign one's name as payee
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 The ability to understand finance
Financial Security A 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 a loan, usually a percentage of the amount loaned.
Loan Overdraft An extension of credit from a lending institution when an account reaches zero.
Memo A written message, esp. in business; a memorandum.
Needs A condition or situation in which something is required or wanted
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 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 bring into agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts.
Created by: DenzelC on 2013-03-18



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