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Budget and Banking

termDefinition
ATM automated-teller machine
Account Balance how much money is in a persons savings account
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 the money is taken from a checking account and sent to the check recipient's account.
Credit Union a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit
Debit Card A 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
Deposit to place for safekeeping or in trust, especially in a bank account: He deposited his paycheck every Friday.
Direct Deposit a banking option that allows for the transfer of funds without paper checks.
Endorse approve something formally: to give formal approval or permission for something
Expense cost or charge
FDIC an independent agency created by the U.S. Congress to maintain stability and public confidence
Fees the price one pays as remuneration for services.
Financial Literacy the ability to understand how money works in the world: how someone manages to earn or make it
Fixed Expense 1.unchanging expense: a business expense that does not vary according to the amount of business
Income 1.money received over period: the amount of money received over a period of time either as payment for work, goods, or services, or as profit on capital
Interest The fee charged by a lender to a borrower for the use of borrowed money,
Loan Overdraft Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account
Memo 1.written communication: a written communication similar to a letter but without the formal address blocks at the beginning, especially one that is circulated to people within an office or organization
Non-sufficient funds a term used in the banking industry to indicate that a demand for payment (a cheque) cannot be honored because insufficient funds
Online Banking A system allowing individuals to perform banking activities at home, via 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 end conflict: to solve a dispute or end a quarrel
Savings money saved: money set aside for future use
Variable Expenses cost determined by output: a cost that varies directly in relation to output
Withdrawal 1.taking money from bank: the act of taking money from a bank account, or the amount of money taken out
Wants desire something: to feel a need or desire for something
Created by: Kaylarenee