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Budget and Banking

TermDefinition
Account Balance A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world....
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 check that has been cashed or deposited by a bank
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 putting money into an account (savings or checking) 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 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 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 Making sure your money is safe
Fixed Expense Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change...
Income Money received, esp. on a regular basis, for work or through investments.
Interest money earned based on your investments
Loan Overdraft If you have an overdraft account, your bank will cover checks which would otherwise bounce. As with any loan, you pay interest on the outstanding balance of an
Memo A written message, esp. in business; a memorandum.
Needs Cannot avoid or help doing something
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 or...
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 agreementor harmony;make compatibleor consistent: to reconcile differing statements; to reconcile accounts.
Savings money put aside for future use
Variable Expenses A cost to a person or business that varies over time according to a number of factors. For example, a dental office must buy dental supplies, which usually cost ...
Wants Have a desire to possess or do (something); wish for.
Withdrawal An act of taking money out of an account.
ATM Automated Teller Machine
Created by: Raychet