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Budget and Banking
| Term | Definition |
|---|---|
| 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
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