budget & banking
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| ATM | automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities
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| Account Balance | The amount of money in an account, equal to the net of credits and debits at that point in time for that account
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| Budget | An itemized forecast of an individual's or company's income and expenses expected for some period in the future
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| checking account | An account which allows the holder to write checks against deposited funds
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| cleared check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn
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| credit union | Financialcooperative created for and by its members who are its depositors, borrowers, and shareholders
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| Debit Card | Bank card used in cash transactions, but which is not a credit card
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| deposit | Funds placed into an account at a depository institution to increase the credit balance of the account
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| direct deposit | Automatictransfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary
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| endorse | to write on the back of; especially : to sign one's name as payee
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| expense | Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business
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| FDIC | Insurance policy provided by financial institutions affiliated with the FDIC
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| fees | In contracts based on cost reimbursement pricing, the 'fee' represents an amount beyond the initial cost estimates
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| Financial Literacy | Possessing the knowledge necessary to understand concepts related to finance
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| Fixed Expense | see fixed cost
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| Income | For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time
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| Interest | The fee charged by a lender to a borrower for the use of borrowed money
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| Loan Overdraft | The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation
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| Memo | An accounting entry with no debit or credit amounts
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| Financial Security | being free from money problems, having a back up plan
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| Needs | A motivating force that compels action for its satisfaction
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| Withdrawal | A removal of funds from an account
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| Wants | the market has tended to be long on stuff in people’s basements and attics that they won’t ever need and short on stuff that can have a broader impact on economic efficiency
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| Variable Expenses | An unavoidable periodic cost that does not have a constant value, such as an electric bill
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| Savings | The part of a person's income that is not spent
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| Reconcile | to make two financial accounts or statements agree
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| Payer | In fixed-rate interest swap agreements, the party that pays a fixed rate of interest while receiving floating rate interest from the counterparty
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| Payee | One who receives a payment, such as through cash, check, money order, or promissory note
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| Online Banking | A system allowing individuals to perform banking activities at home, via the internet
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| Non-sufficient funds (NSF) | dont have enough money to cover the checks they wrote
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Created by:
tawilliams
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