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Budget and Banking

TermDefinition
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