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Budget and Banking
| Term | Definition |
|---|---|
| ATM (Automated Teller Machine) | Machine that allows customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff. |
| Account Balance | Amount of money in a financial repository, such as a savings or checking account, at any given moment. |
| Bank Reconciliation | Process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. |
| Budget | Financial plan for a defined period of a year. It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. |
| Checking Account | Deposit account held at a financial institution that allows withdrawals and deposits. |
| Check Register | A record of transactions in a checking account. |
| Cleared Check | Process of moving funds from one account to another |
| Credit Union | A nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| 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 | Sign (a check or bill of exchange) on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it. |
| Expense | The cost required for something; the money spent on something. |
| FDIC | The Federal Deposit Insurance Corporation is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. |
| Fees | A payment made to a professional person or to a professional or public body in exchange for advice or services. |
| Financial Literacy | The ability to manage personal finance matters in an efficient manner, and it includes the knowledge of making good decisions about personal finance such as investing, insurance, real estate, paying for college, budgeting, retirement and tax planning. |
| Financial Security | The peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals. |
| Fixed Expense | An expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity. |
| Income | Money received, especially on a regular basis, for work or through investments. |
| Interest | Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| Loan Overdraft | A limit on borrowing on a bank current account. |
| Memo | A written message, especially in business. |
| Needs | Require (something) because it is essential or very important. |
| Non-Sufficient Funds (NSF) | A term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account |
| Online Banking | A method of banking in which transactions are conducted electronically via the Internet. |
| Payee | A person to whom money is paid or is to be paid, especially the person to whom a check is made payable |
| Payer | A person or organization that gives someone money that is due for work done, goods received, or a debt incurred. |
| Reconcile | A process that explains the difference on a specified date between the bank balance shown in an organization's bank statement |
| Savings | The money one has saved, especially through a bank or official scheme. |
| Variable Expenses | Are expenses that can change depending on your use of products or services; they are somewhat unpredictable. |
| Wants | Have a desire to possess or do something. |
| Withdrawal | An act of taking money out of an account |
Created by:
jbowers21
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