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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automatic Teller Machine |
| Account Balance | amount of money in a financial repository at any given moment |
| Budget | An estimation of the revenue and expenses over a specified future period of time |
| Checking Account | A transactional deposit account held at a financial institution that allows for withdrawals and deposits |
| Cleared Check | the check has cleared |
| Credit Union | provide a secure and convenient place where members can save their money |
| Debit Card | An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services |
| Deposit | A transaction involving a transfer of funds to another party for safekeeping. |
| Direct Deposit | Electronic funds that are deposited directly into your bank account rather than through a paper check. |
| Endorse | acknowledge (receipt of payment) by signing a bill, draft, or other instrument |
| Expense | Money spent or costs incurred that are tax-deductible and reduce taxable income |
| FDIC | a federally sponsored corporation that insures accounts in national banks and other qualified institutions |
| Fees | A fixed sum charged, as by an institution or by law, for a privilege |
| Financial Literacy | allow an individual to make informed and effective decisions through their understanding of finances |
| Financial Security | Something deposited or given as assurance of the fulfillment of an obligation |
| Fixed Expense | An expense that does not change from time period to time period |
| Income | The amount of money or its equivalent received during a period of time in exchange for labor or service |
| Interest | A charge for a loan, usually a percentage of the amount loaned |
| Loan Overdraft | The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation |
| Memo | An accounting entry with no debit or credit amounts |
| Needs | a requirement, necessary duty, or obligation |
| Non-sufficient funds | do not have enough money in your checking account to cover the checks you wrote |
| Online Banking | A system allowing individuals to perform banking activities at home, via the internet |
| Payee | One to whom money is paid |
| Payer | One that pays |
| Reconcile | to make two financial accounts or statements agree Read more: http://www.investorwords.com/10820/reconcile.html#ixzz2NQKcSYSf |
| Savings | An amount of money saved |
| Variable Expenses | cost that changes significantly from period to period, such as week to week, month to month, quarter to quarter or year to year. |
| Wants | Unfulfilled desire. |
| Withdrawl | removal of funds from an account. |
Created by:
ShaniceT
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