Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Budget and banking
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| Account Balance | An 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 | bank reconciliation statement is a form that allows individuals to compare their personal bank account records to the bank's 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 | A check register, or cash disbursements journal, is where you record all of the check and cash transactions your business has during an |
| Cleared Check | Check clearing is simply a process whereby funds move from one account to another to settle a check payment. The amount is usually credited to the bank account |
| Credit Union | nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| Debt Card | 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 the back of the checks |
| Expense | the cost required for something; the money spent on something |
| FDIC | The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress to maintain stability and public confidence in the nation's |
| Fees | payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Security | financial stability means being free of debt and being able to comfortably pay off monthly expenses (with plenty left over for savings). Financial security, on the other hand, means having enough money to cover your expenses, emergencies, and retirement w |
| Fixed Expense | is an expense whose total amount does not change when there is an increase in an activity such as sales |
| Income | money received, especially on a regular basis, for work or through investments. |
| Interest | the amount of money a lender or financial institution receives for lending out money. Interest can also refer to the amount of ownership a stockholder has in a company, usually expressed as a percentage. |
| Loan Overdraft | loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero. For a fee, the bank provides a loan to the client in the event of an unexpected charge or insufficient account balance. |
| Memo | legal document that states the objectives, risks, and terms of an investment involved with a private placement |
| Needs | expenditures that are essential for you to be able to live and work |
| Non-sufficient funds (NSF) | is the term used when the holder of a checking account is overdrawn — meaning there is not enough money in the account to pay the check written against it. The bank returns the “bounced” check to the accountholder and charges a returned-check charge, or |
| Online Banking | allows a user to conduct financial transactions via the Internet. |
| Payee | party in an exchange of goods or services who receives payment |
| Payer | entity that makes a payment to another entity |
| Reconcile | the process of comparing transactions and activity to supporting documentation. |
| Savings | process of setting aside a portion of current income for future use |
| Variable Expenses | expense that changes in proportion to production output or sales. |
| Wants | items that are nice to have |
| Withdrawal | involves removing funds from a bank account |
Created by:
Dmiller231
Popular Finance sets