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budget and banking
Term | Definition |
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ATM | a machine that dispenses cash or performs other banking services when an account holder inserts a bank 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 | is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. |
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. |
Cleared Check | is the 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 | 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. |
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 | is an extension of credit from a lending institution that is granted when an account reaches zero. |
Memo | are a piece of interoffice correspondence sent between employees in a company or between company subsidiaries to transmit ideas, decisions, requests or announcements. |
Needs | are gaps between the current state of a business and its goals. |
Non-sufficient funds (NSF) | is the term used to describe a check that has been returned by the bank on which it was drawn because the checking account balance was less than the amount of the check. |
Online Banking | also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. |
Payee | is a party in an exchange who receives payment |
Payer | refers to an entity that makes a payment to another entity. |
Reconcile | is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. |
Savings | according to Keynesian economics, are what a person has left over when the cost of his or her consumer expenditure is subtracted from the amount of disposable income earned in a given period of time. |
variable Expenses | is a corporate expense that changes in proportion to production output. |
Wants | Many business marketing departments pay close attention to the needs and wants of their target market since both drive consumer purchases. |
Withdrawal | occurs when funds are removed from an account. |