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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automates teller machine |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment |
| 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 |
| Cleared Check | the bank in which the check was deposited mailing the check to the issuing bank |
| Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc |
| 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 recipient's account |
| Endorse | to write on the back of; especially : to sign one's name as payee |
| Expense | The cost required for something; the money spent on something |
| FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits |
| Fees | Money paid as part of a special transaction, e.g., for a privilege or for admission to something |
| Financial Literacy | the ability to understand finance |
| Financial Security | A security is a fungible, negotiable instrument representing financial value |
| Fixed Expense | Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change |
| Income | Money received, esp. on a regular basis, for work or through investments |
| Interest | An excess or bonus beyond what is expected or due |
| Loan Overdraft | limit on borrowing on a bank current account |
| Memo | A written message, esp. in business; a memorandum |
| Needs | Cannot avoid or help doing something |
| Non-sufficient funds (NSF) | indicate that a demand for payment (a check) cannot be honored |
| Online Banking | allows customers to conduct financial transactions on a secure website |
| Payee | the person to whom a check, money order, etc., is made out |
| Payer | a person who pays money for something |
| Reconcile | process used to compare two sets of records to ensure the figures are in agreement and are accurate |
| Savings | The money one has saved, esp. through a bank or official scheme |
| Variable Expenses | change in proportion to the activity of a business |
| Wants | Have a desire to possess or do |
| Withdrawal | An act of taking money out of an account. |
Created by:
abaker124
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