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budget and baning

TermDefinition
ATM An automated teller machine or automatic teller machine (ATM) also known as automatic banking machine
Account Balance The amount of money balanced in a financial repository, such as a checking account, at any given moment
Budget An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals
Checking Account A transactional deposit account held at a financial institution that allows for withdrawals and deposits
Cleared Check The movement of a check from the depository institution at which it was deposited back to the institution on which it was written
Credit Union , credit unions are not-for-profit organizations that exist to serve their members rather than to maximize corporate profits. Like banks
Debit Card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account(s)
Deposit account is a savings account, current account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn
Direct Deposit also known as direct credit is a banking term that describes a deposit of money straight from the source into a bank account, by electronic funds
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 Something spent to attain a goal or accomplish a purpose
FDIC Federal Deposit Insurance Corporation
Fees A fixed sum charged, as by an institution or by law, for a privilege
Financial Literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allow an individual to make informed and effective decisions through their understanding of finances
Financial Security having savings, or investments to protect your finiancial future
Fixed Expense A cost that is fixed in total for a given period of time and for given production levels
Income The money a person makes from labor, investment, or any other source, especially in the course of a year
Interest The price paid for borrowing money. It is expressed as a percentage rate over a period of time and reflects the rate of exchange of present consumption for future consumption. Also, a share or title in property.
Loan Overdraft when borrowed money is not paid back by the agreed time
Memo A memorandum
Needs Of necessity; necessarily
Non-sufficient funds (NSF) A situation in which one does not have enough deposited in a bank account to cover all checks and/or electronic withdrawals
Online Banking Banking services offered over the Internet. Online banking often includes access to one's checking and savings accounts
Payee The person or institution that receives a payment
Payer person who pays money for something
Reconcile An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. Reconciliation
Savings economy of or reduction in money, time, or another resource.
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 Have a desire to possess or do (something); wish for.
Withdrawal The action of withdrawing something.An act of taking money out of an account.
Created by: CarolAnnLEU