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Budget and Banking
| Term | Definition |
|---|---|
| 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
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