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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automated teller Machine |
| Account Balance | The amount of money you have in one of your financial accounts |
| Bank Reconciliation | The process by which the bank account balance in an entity’s books of account reported by the financial institution In the most recent 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 | A document, usually part of the general ledger, used to record financial transactions in cash |
| Cleared check | When the receivers bank has received the check from the check writers bank |
| 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 recipients account |
| Endorse | Sign on the back to make it payable to someone other than the stated payer or to accept responsibility for paying it |
| Expense | The cost required for something; the money spent on something |
| FDIC | Federal Deposit Insurance Corporation |
| Fees | A payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | 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 | The peace of mind felt when we aren’t worried about money |
| Fixed expense | Any expense that does not change from period to period |
| Income | Money that an individual or business receives |
| Interest | Money paid regularly at a particular rate for the use of money lent |
| Loan overdraft | The bank allows customers to borrow a set amount of money , and there is typically a fee per overdraft. |
| Memo | A written message |
| Needs | Of necessity |
| Non-sufficient funds | Not enough money in the account to pay the check written against it |
| Online Banking | A method of banking in which transactions are conducted electronically via the internet |
| Payee | A person to whom money is paid or to be paid |
| 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) consist with another, especially by allowing for transactions begun but not yet completed |
| Savings | The money one has saved, especially through a bank or investment plan |
| Variable expenses | Costs that change over time |
| Wants | To have a desire or need to do something |
| Withdrawl | An act of taking money out of an account |
Created by:
Rherling22
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