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Budget and Banking

TermDefinition
ATM computerized electronic machine that performs basic banking functions
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 Movement of a check from the bank in which it was deposited to the bank on which it was drawn,
Credit Union A nonprofit financial cooperative offering deposit accounts
Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
Deposit The action of deposing someone
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 Money paid as part of a special transaction
Financial Literacy Financial literacy is 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
Income Money received
Interest The state of wanting to know or learn about something or someone
Loan Overdraft a type of loan as the money is technically borrowed
Memo A written message
Needs Cannot avoid or help doing something
Non-sufficient funds a term used in the banking industry to indicate that a demand for payment can not be honored
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
Payer a person who pays money for something
Reconcile Restore friendly relations between
Savings The money one has saved
Variable Expenses Variable costs are expenses that 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: Kcrump