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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities |
| Account Balance | accounting record of all monetary transactions between a country and the rest of the world |
| 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 process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another |
| Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc |
| Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
| Deposit | A sum of money placed or kept in a bank account, usually to gain interest A sum of money placed or kept in a bank account, usually to gain interest |
| Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account |
| Endorse | Declare one's public approval or support of |
| Expense | The cost required for something; the money spent on something |
| FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits |
| Fees | 2.Money paid as part of a special transaction,for a privilege or for admission to something |
| Financial Literacy | Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allow an |
| Financial Security | A security is a fungible, negotiable instrument representing financial value |
| Fixed Expense | Any expense that does not change from period to period, such as loan payments |
| Income | Tax levied directly on personal income. |
| Interest | concern - benefit - advantage - profit |
| Loan Overdraft | Loan arrangement under which a bank extends credit up to a maximum amount |
| Memo | A written message, esp. in business; a memorandum. |
| Needs | necessarily - perforce |
| Non-sufficient funds (NSF) | Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored |
| Online Banking | allows customers to conduct financial transactions on a secure website operated by their retail or |
| 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 | conciliate - accommodate |
| Savings | A bank account that earns interest. |
| Variable Expenses | Variable costs are expenses that change in proportion to the activity of a business |
| Wants | Have a desire to possess or do (something); wish for |
| Withdrawal | The action of withdrawing something. An act of taking money out of an account |
Created by:
jwallace
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