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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Acronym for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities (checking one's balance, withdrawing or transferring funds) even when the bank is closed |
| Account Balance | The amount of money in an account, equal to the net of credits and debits at that point in time for that account. also called balance. |
| Budget | An itemized forecast of an individual's or company's income and expenses expected for some period in the future. |
| Checking Account | An account which allows the holder to write checks against deposited funds |
| Cleared Check | Check that has been cashed or deposited at a bank |
| Credit Union | A non-profit financial institution that is owned and operated entirely by its members. |
| Debit Card | A card which allows customers to access their funds immediately, electronically. Unlike a credit card, a debit card does not have any float. |
| Deposit | Money transferred into a customer's account at a financial institution. |
| Direct Deposit | The deposit of funds directly into a bank account as a form of payment. Common uses for direct deposit include paychecks and tax refunds. |
| Endorse | A signature used to legally transfer a negotiable instrument. |
| Expense | A signature used to legally transfer a negotiable instrument. |
| Income | For individuals, money earned through employment and investments. |
| Interest | The return earned on an investment. |
| 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 | A statement about what the check is for |
| Needs | A condition or situation in which something is required |
| Non-sufficient funds | You don't have enough money in the bank for the checks you have written out. |
| Online Banking | A system allowing individuals to perform banking activities at home, via the internet |
| Payee | One who receives a payment, such as through cash, check, money order, or promissory note. |
| Payer | One who gives payments through cash, check. money order, or promissory note. |
| Reconcile | to make two financial accounts or statements agree. |
| Savings | The part of a person's income that is not spent. |
| Variable Expenses | An unavoidable periodic cost that does not have a constant value, such as an electric bill. |
| Wants | A condition or situation in which something is desired |
| Withdrawl | A removal of funds from an account |
| FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits. |
| Fees | A payment made for professional advice or services. |
| Financial Literacy | Financial literacy is the ability to understand finance |
| Financial Security | A security is a fungible, negotiable instrument representing financial value |
| Fixed Expense | Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change from month to month. Examples are realty taxes, insurance costs, etc. |
Created by:
cprouty
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