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Budget and Banking

TermDefinition
1. 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
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 1.Declare one's public approval or support of
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. 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something.
14. Financial Literacy Financial literacy is the ability to understand finance
15. Financial Security A security is a fungible, negotiable instrument representing financial value.
16. Fixed Expense (FIXED EXPENSES) 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 The state of wanting to know or learn about something or someone
19. Loan Overdraft . Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or makewithdrawals.
20. Memo A written message, esp. in business; a memorandum.
21. Needs Cannot avoid or help doing something: "they must needs depart
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 availabl...
23. Online Banking Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or...
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 1.Restore friendly relations between: "she wanted to be reconciled with her father". 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: Jasmyne8
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