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Budget and Banking

TermDefinition
ATM automated-teller machine.
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment.
Budget an estimate, often itemized, of expected income and expense for a given period in the future.
Checking Account a bank deposit against which checks can be drawn by the depositor
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 a cooperative group that makes loans to its members at low rates of interest.
Debit Card a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders
Deposit to place for safekeeping or in trust, especially in a bank account:
Direct Deposit a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients.
Endorse to designate oneself as payee of (a check) by signing, usually on the reverse side of the instrument.
Expense a cause or occasion of spending
FDIC Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100,000. Federal Deposit Insurance Corporation.
Fees a charge or payment for professional services
Financial Literacy Possessing the knowledge necessary to understand concepts related to finance
Financial Security An investment instrument, other than an insurance policy or fixed annuity, issued by a corporation, government, or other organization which offers evidence of debt or equity
Fixed Expense A deposit held by a bank or other financial institution or a fixed amount of time agreed upon between the bank and the depositor
Income the monetary payment received for goods or services, or from other sources, as rents or investments.
Interest a business, cause, or the like in which a person has a share, concern, responsibility, etc.
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 memorandum.
Needs a requirement, necessary duty, or obligation
Non-sufficient funds (NSF) to signify that there are "non-sufficient funds" in an account in order to honor a check drawn on that account. Colloquially, this is known as a "bounced check" or "bad check".
Online Banking A system allowing individuals to perform banking activities at home, via the internet.
Payee a person to whom a check, money, etc., is payable.
Payer a person who pays.
Reconcile to bring into agreement or harmony; make compatible or consistent
Savings tending or serving to save; rescuing; preserving.
Variable Expenses Variable costs are expenses that change in proportion to the activity of a business
Wants to wish, need, crave, demand, or desire (often followed by an infinitive):
Withdrawal 1. Also, with·draw·ment. the act or condition of withdrawing.
Created by: khaleah