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Budget and Banking

TermDefinition
ATM Automatic Teller Machine
Account Balance The amount of money in a checking account at any given time
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 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 1. Funds placed into an account at a depository institution to increase the credit balance of the account. 2. Down payment given in advance to support the intention to complete a commercial transaction.
Direct deposit Automatictransfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary.
Endorse 1. To sign a legal document, such as a check. See also endorsement and endorser
Expense Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business
FDIC Federal Deposit Insurance Corporation
Fees/Renumeration 1. Remuneration: In contracts based on cost reimbursement pricing, the 'fee' represents an amount beyond the initial cost estimates, and reflects factors such as the risks involved.
Financial Literacy Ability to define problems in terms of their informationneeds, and to apply a systematic approach to search, locate, apply, and synthesize the information and evaluate the entire process in terms of effectiveness and efficiency.
Finacial Security Banking: An asset pledged to guaranty the repayment of a loan, satisfaction of an obligation, or in compliance of an agreement. Security gives a lender or obligee a legal right of access to the pledged asset and to take their possession
Fixed Expenses Largely same as fixed costs, except that non-cash items such as depreciation and depletion are not included.
Income 1. The flow of cash or cash-equivalents received from work (wage or salary), capital (interest or profit), or land (rent).
Intrest Finance: A feepaid for the use of another party's money. To the borrower it is the cost of renting money, to the lender the income from lending it.
Loan overdraft 1. Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or makewithdrawals.
Memo a short message sent from one person to another in the same organization
Need . Marketing: A driver of human action which marketerstry to identify, emphasize, and satisfy, and around which promotional efforts are organized
Non-sufficient funds (NSF) Reason for dishonoring or returning a check to its depositor, because the amount available in check-writer's (drawer's) account is less than the check's amount. Usually both the depositor and the drawer of the returned check have to pay a penalty
Online Banking Computerized service that allows a bank's customers to get online with the bank via telephone lines to view the status of their account(s) and transaction history. It usually also allows them to transferfunds, pay bills, request check book
payee Party to whom a bill of exchange (such as a check or draft) is made payable. Payee's name follows the words 'Pay to the order of.' Also called beneficiary. See also drawee and drawer.
payer Party responsible for the payment of a bill of exchange or invoice; party that signs the check. Also called writer.
Reconcile o make two financial accounts or statements agree ExampleShe is trying to reconcile one account with another or to reconcile the two accounts
Created by: purplener