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Budget and Banking

TermDefinition
ATM an electronic machine that enables customers to withdraw paper money or carry out other banking transactions on insertion of an encoded plastic card
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 A budget is a description of a financial plan.
Checking Account Cleared Check To exchange checks and bills or settle accounts through a clearing-house.
Credit Union a cooperative savings association that makes loans to its members at reduced interest rates
Debit Card a plastic card that the holder can use to pay for purchases, the money being transferred directly from the holder's bank account to the seller
Deposit An amount of money held at a financial institution on behalf of an account holder for safekeeping. For example, one may keep a deposit in one's checking
Direct Deposit An amount of money held at a financial institution on behalf of an account holder for safekeeping. For example, one may keep a deposit in one's checking
Endorse to write on the back of; especially: to sign one's name as payee on the back of (a check) in order to obtain the cash or credit ...
Expense Any cost of doing business resulting from revenue-generating activities.
FDIC agency insuring bank deposits: the federally chartered organization that insures deposits in U.S. banks
Fees In contracts based on cost reimbursement pricing, the 'fee' represents an amount beyond the initial cost estimates, and reflects factors such as the ...
Financial Literacy The possession of knowledge and understanding of financial matters
Financial Security Piece of paper that proves ownership of stocks , bonds , and other investment
Fixed Expense While logged in, you can: View usage examples; Save your favorite terms; Manage your subscriptions
Income The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property ...
Interest 2.quality that attracts attention: a power, quality, or aspect of something that attracts attention, concern, or curiosity
Loan Overdraft Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can
Memo 2.reminder: a note intended to serve as a reminder of something
Needs 1.emphasizing necessity: used before or after "must" to reinforce necessity, urgency, or inevitability
Non-sufficient funds (NSF) An acronym used in the banking industry to signify that there are "non-sufficient funds" in an account in order to honor a
Online Banking 1.electronic banking via the Internet: a system of banking in which customers can view their account details, pay bills, and transfer money by means of the Internet
Payee 1.person being paid: somebody to whom money is being paid or is due, especially the person to whom a check or money order is payable
Payer 2.somebody responsible for payment: the person named as responsible for the payment of a check, money order, or other financial paper when it is redeemed
Reconcile 1.put people back on friendly terms: to bring two or more people back into a friendly relationship with each other after a dispute or estrangement, or return to a friendly relationship
Savings 1.money saved: money set aside for future use
Variable Expenses 1.cost determined by output: a cost that varies directly in relation to output
Wants 1.desire something: to feel a need or desire for something
Withdrawal 1.taking money from bank: the act of taking money from a bank account, or the amount of money taken out
Created by: kdurham