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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| 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.... |
| 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 | This process (called 'clearing cycle') normally results in a credit to the account at the bank of deposit, and an equivalentdebit to the account at the bank on which it was drawn. |
| Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans |
| 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 | Declare one's public approval or support of |
| 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 | A payment made for professional advice or services. |
| Financial Literacy | the ability to understand finance |
| Financial Security | 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 |
| Income | Money received, esp. on a regular basis, for work or through investments. |
| Interest | The state of wanting to know or learn about something or someone: "many people lose interest in history". |
| Loan Overdraft | Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or makewithdrawals. |
| 2Memo | A written message, esp. in business; a memorandum. |
| Needs | A condition or situation in which something is required or wanted |
| 2Non-sufficient funds (NSF) | a check that is dishonored on presentation because of insufficient funds |
| Online Banking | allows customers to conduct financial transactions on a secure website operated by their retail |
| Payee | A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable. |
| 2Payer | a person who pays money for something |
| Reconcile | To settle or resolve |
| Savings | An economy of or reduction in money, time, or another resource |
| Variable Expenses | expenses that change in proportion to the activity of a business |
| Wants | A lack or deficiency of something; Have a desire to possess or do (something)wish for. |
| Withdrawal | Take (money) out of an account |
Created by:
rspell
Popular Finance sets