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Budget and Banking

Budget and banking

TermDefinition
atm automated teller machine
2. Account Balance The amount of money in a financial repository, such as a checking account, at any given moment
3. Budget An estimate of income and expenditure for a set period of time. An estimate of income and expenditure for a set period of time. An estimate of income and expenditure for a set period of time. an estimate, ofte
4. Checking Account bank deposit against which checks can be drawn by the depositor.
4. Checking Account 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. This process (called 'clearing cycle') normally results in a credit to the account at the bank of
6. Credit Union Financialcooperative created for and by its members who are its depositors, borrowers, and shareholders. Operated on non-profit basis, credit unions offer many banking services, such as consumer and commercial loans (usually at lower than market interest
7. Debit Card Bank card used in cash transactions, but which is not a credit card. In a debit card transaction, the amount of a purchase is withdrawn from the available balance in the cardholder's account. If the available funds are insufficient, the transaction is not
8. Deposit The sum of funds placed with a broker by a trader as collateral for taking on trading positions at the time they open an account or when they actually enter a trading position for which a margin deposit is required. Most online forex brokers require only
9. Direct Deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account.
10. Endorse Endorse - to write on the back of; especially : to sign one's name as payee
11. Expense The cost required for something; the money spent on something. 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 Fixed Expenses - payments that stay the same each month
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 1. 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 make withdrawals. The most common form of business borrowing, an overdraft is a t
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) not sufficient; lacking in what is necessary or required
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 28. Variable Expenses 29. Wants 30. Withdrawal 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 Reconcile - to bring into agreementor harmony;make compatibleor consistent: to reconcile differing statements; to reconcile accounts.
27. Savings Savings - money put aside for future use
28. Variable Expenses Variable costs are expenses that change in proportion to the activity of a
29. Wants Have a desire to possess or do (something); wish for.
30. Withdrawal 1.The action of withdrawing something.
Created by: davionw624
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