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Budget and Bankng

TermDefinition
ATM Automated-Teller Machine.
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. also called balance.
Budget An estimate of income and expenditure for a set period of time.
Checking Accunt 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, and the movement of its face amount in the opposite direction.
Credit Union 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 on the back of; especially : to sign one's name as payee
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 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something.
Financial Literacy Financial literacy is the ability to understand finance.
Financial Security A security is a fungible, negotiable instrument representing financial value.
Fixed Expense (Fixed Expense) Any expense that does not change from period to period, such as loan payments.
Income Money received, esp. on a regular basis, for work or through investments.
Interest A charge for borrowed money generally a percentage of the amount borrowed.
Loan Overdraft An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically the bank allows people to borrow a set amount of money.
Memo A written message, esp. in business; a memorandum.
Needs A requirement, necessary duty, or obligation.
Non-sufficient funds (NSF) 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 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.
Payer A person who pays money for something.
Reconcile to bring into agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts.
Savings 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 To be without or be deficient in.
Withdrawal An act of taking money out of an account.
Created by: cdonnelly