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Budget and Banking

wordDefinition
ATM An electronic banking outlet
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
Budget An estimate of income and expenditure for anestimate of income and expendituresor 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
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 Declare one's public approval or support of.
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 Financial literacy is the ability to understand finance
Fixed Expense Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change...
Income Money received, esp. on a regular basis, for work or through investments.
Interest The state of wanting to know or learn about something or someone: "many people lose interest in history".
Loan Overdraft your bank will cover checks which would otherwise bounce
Memo A written message, esp. in business; a memorandum.
Needs Cannot avoid or help doing something: "they must needs depart".
Non-sufficient funds (NSF) Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored...
Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or...
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 Restore friendly relations between: "she wanted to be reconciled with her father".
Savings An economy of or reduction in money, time, or another resource
Variable Expenses Variable costs are expenses that change in proportion to the activity of a business.
Wants Have a desire to possess or do (something); wish for.
Withdrawal The action of withdrawing something.
Created by: edwwhite on 2013-03-18



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