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budget and banking
| Term | Definition |
|---|---|
| atm | a machine, usually in a wall outside a bank, shop, etc. from which you can take money out of your bank account using a special card |
| account balance | is the amount of money present in a financial repository, such as a savings or checking account, at any given moment |
| bank Reconciliation | statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank and the corresponding amount shown in the organization's own accounting records |
| 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. |
| check register | is a record of transactions in a checking account. ... Verify the signature on the back of the cleared check and verify that the name and amount on the check agrees with the check register. |
| cleared check | s the process of moving funds from one account to another. ... It simply means that the checks, once deposited into the bank, need to be transferred to the clearing system, which then communicates with the other banks that the checks are from. |
| 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 | 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 to a professional person or to a professional or public body in exchange for advice or services. |
| financial literacy | is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources |
| financial security | refers to 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 | is an expense whose total amount does not change when there is an increase in an activity such as sales or production. |
| 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 | overdraft is an extension of credit from a lending institution that is granted when an account reaches zero. |
| memo | a written message, especially in business. |
| needs | of necessity. |
| non-sufficient funds (NSF) | is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn. |
| 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 | make (one account) consistent with another, especially by allowing for transactions begun but not yet completed. |
| savings | an economy of or reduction in money, time, or another resource. |
| variable expenses | also called variable costs, 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); wish for. |
| withdrawal | an act of taking money out of an account |
Created by:
zbarlettedye20
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