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budget And BAnking

TermDefinition
1. ATM automated-teller machine
2. Account Balance A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world
3. Budget An estimate of income and expenditure for a set period of time
4. Checking Account An account at a bank against which checks can be drawn by the account depositor
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 A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc.
7. Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
8. Deposit A sum of money placed or kept in a bank account, usually to gain interest.
9. Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account
10. Endorse Endorse - to write on the back of; especially : to sign one's name as payee
11. Expense Offset (an item of expenditure) as an expense against taxable income.
12. FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
13. Fees 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something.
14. Financial Literacy Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allow an
15. Financial Security A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities
16. Fixed Expense (FIXED EXPENSES) Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
17. Income Money received, esp. on a regular basis, for work or through investments
18. Interest money earned based on your investments and savings
19. 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
20. Memo A written message, esp. in business; a memorandum
21. Needs a requirement, necessary duty, or obligation: There is no need for you to go there.
22. 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 because the availabl...
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or...
24. Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable
25. Payer a person who pays money for something
26. Reconcile to bring into agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts.
27. Savings 2.The money one has saved, esp. through a bank or official scheme.
28. Variable Expenses (Variable expense) Variable costs are expenses that change in proportion to the activity of a business.Garrison, Noreen, Brewer. Ch 2 -...
29. Wants Have a desire to possess or do (something); wish for.
30. Withdrawal 2.An act of taking money out of an account
Created by: dopelove on 2013-03-18



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