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Budget and Banking

TermDefinition
ATM for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities
Account Balance amount of money in an account, equal to the net of credits and debits at that point in time for that account.
Budget An itemized forecast of an individual's or company's income and expenses expected for some period in the future.
Checking Account A transactional deposit account held at a financial institution that allows for withdrawals and deposits.
Cleared Check Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction.
Credit Union Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.
Debit Card An electronic card issued by a bank which allows bank clients access to their account to withdraw or pay for goods and services.
Deposit A transaction involving a transfer of funds to another party for safekeeping.
Direct Desposit Electronic funds that are deposited directly into your bank account rather than through a paper check.
Endorse To sign a legal document, such as a check. See also endorsement and endorser.
Expense The economic costs that a business incurs through its operations to earn revenue.
FDIC Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100,000.
Fees Pay money for what you want.
Finacial Literacy Possessing the knowledge necessary to understand concepts related to finance.
Financial Security Making sure that your money is safe.
Fixed Expense Expenses that remain the same regardless of occupancy.
Income The money that you make.
Interest The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
Loan Overdraft The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation.
Memo A written message, esp. in buisness.
Needs Cannot avoid or help doing something.
Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check)
Online Banking allows customers to conduct financial transactions on a secure website operated by their retail.
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 agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts.
Savings putting money into an account for future use
Variable Expenses 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.
Created by: Ktowner1215