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budget & banking
| Term | Definition |
|---|---|
| ATM | automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities |
| Account Balance | The amount of money in an account, equal to the net of credits and debits at that point in time for that account |
| Budget | An itemized forecast of an individual's or company's income and expenses expected for some period in the future |
| checking account | An account which allows the holder to write checks against deposited funds |
| cleared check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn |
| credit union | Financialcooperative created for and by its members who are its depositors, borrowers, and shareholders |
| Debit Card | Bank card used in cash transactions, but which is not a credit card |
| deposit | Funds placed into an account at a depository institution to increase the credit balance of the account |
| direct deposit | Automatictransfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary |
| endorse | to write on the back of; especially : to sign one's name as payee |
| expense | Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business |
| FDIC | Insurance policy provided by financial institutions affiliated with the FDIC |
| fees | In contracts based on cost reimbursement pricing, the 'fee' represents an amount beyond the initial cost estimates |
| Financial Literacy | Possessing the knowledge necessary to understand concepts related to finance |
| Fixed Expense | see fixed cost |
| Income | For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time |
| Interest | The fee charged by a lender to a borrower for the use of borrowed money |
| Loan Overdraft | The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation |
| Memo | An accounting entry with no debit or credit amounts |
| Financial Security | being free from money problems, having a back up plan |
| Needs | A motivating force that compels action for its satisfaction |
| Withdrawal | A removal of funds from an account |
| Wants | the market has tended to be long on stuff in people’s basements and attics that they won’t ever need and short on stuff that can have a broader impact on economic efficiency |
| Variable Expenses | An unavoidable periodic cost that does not have a constant value, such as an electric bill |
| Savings | The part of a person's income that is not spent |
| Reconcile | to make two financial accounts or statements agree |
| Payer | In fixed-rate interest swap agreements, the party that pays a fixed rate of interest while receiving floating rate interest from the counterparty |
| Payee | One who receives a payment, such as through cash, check, money order, or promissory note |
| Online Banking | A system allowing individuals to perform banking activities at home, via the internet |
| Non-sufficient funds (NSF) | dont have enough money to cover the checks they wrote |
Created by:
tawilliams
Popular Finance sets