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Budget and Banking

ACCOUNT BALANCE the amount of money in an account, equal to the net of credit and debits at that point in time for that account
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 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 one's signature on the back of (a check, for example) as evidence of the legal transfer of its ownership, especially in return for the cash or credit indicated on its face
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 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 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
loan overdraft If you have an overdraft account, your bank will cover checks which would otherwise bounce
memo A written message, esp. in business; a memorandum
needs Cannot avoid or help doing something
non-sufficients Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored
Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website
payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.
payer a person who pays money for something
reconcile account tracks these outstanding balances, giving a more accurate picture of how much money actually is available
savings An economy of or reduction in money, time, or another resource.The money one has saved, esp. through a bank or official scheme.
variable expenses Variable costs are expenses that change in proportion to the activity of a business.
wants Have a desire to possess or do (something); wish for.
withdrawl 2.An act of taking money out of an account
Created by: kabbott