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Budget and Banking

TermDefinition
1. ATM Automated Teller Machine.
2. Account Balance A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world.
3. Budget An estimate of income and expenditure for a set period of time.
4. Checking Account An account at a bank against which checks can be drawn by the account depositor
5. Cleared Check The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another.
6. Credit Union A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc
7. Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
8. Deposit A sum of money placed or kept in a bank account, usually to gain interest.
9. Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account.
10. Endorse 2.Signing a check so it may be cashed
11. Expense Offset (an item of expenditure) as an expense against taxable income.
12. FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
13. Fees 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something
14. Financial Literacy Financial literacy is the ability to understand finance.
15. Financial Security A security is a fungible, negotiable instrument representing financial value.
16. Fixed Expense Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
17. Income Money received, esp. on a regular basis, for work or through investments
18. Interest Interest is a fee paid on borrowed assets
19. Loan Overdraft Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit)
20. Memo A written message, esp. in business; a memorandum
21. Needs Cannot avoid or help doing something.
22. Non-sufficient funds (NSF) Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored.
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail
24. Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable
25. Payer a person who pays money for something
26. Reconcile Cause to coexist in harmony; make or show to be compatible
27. Savings The money one has saved, esp. through a bank or official scheme
28. Variable Expenses A cost to a person or business that varies over time according to a number of factors.
29. Wants Have a desire to possess or do (something); wish for
30. Withdrawal An act of taking money out of an account
Created by: Lil_Timmy33