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