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Budget and Banking

TermDefinition
1. ATM automated teller machine Atmosphere(s), as a unit of pressure
2. Account Balance A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world
3. Budget An estimate of income and expenditure for a set period of time.
4. Checking Account An account at a bank against which checks can be drawn by the account depositor.
5. 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
6. Credit Union A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc.
7. Debit Card A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
8. Deposit A sum of money placed or kept in a bank account, usually to gain interest.
9. Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account.
10. Endorse 2.Recommend (a product) in an advertisement.
11. Expense The cost required for something; the money spent on something
12. FDIC Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.
13. Fees 1.A payment made for professional advice or services.
14. Financial Literacy Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allow an
15. Financial Security A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities
16. Fixed Expense Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change
17. Income Money received, esp. on a regular basis, for work or through investments.
18. interest The state of wanting to know or learn about something or someone: "many people lose interest in history
19. Loan Overdraft An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it
20. Memo A written message
21. Needs Cannot avoid or help doing something
22. Non-sufficient funds (NSF) A term used to indicate when an item such as a check, or other transaction presented for payment is returned unpaid because the available balance in your deposit account is less than the amount of the item
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail
24. Payee A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.
25. Payer a person who pays money for something.
26. Reconcile 2.Cause to coexist in harmony; make or show to be compatible
27. Savings 1.An economy of or reduction in money, time, or another resource.
28. Variable Expenses (Variable expense) Variable costs are expenses that change in proportion to the activity of a business
29. Wants Have a desire to possess or do (something); wish for.
30. Withdrawal 2.An act of taking money out of an account
Created by: doyoung1