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Budget/Banking
| Term | Definition |
|---|---|
| atm | An electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. |
| account balance | The amount of money in a financial repository, such as a checking account, at any given moment. |
| budget | An estimation of the revenue and expenses over a specified future period of time. |
| checking account | A transactional deposit account held at a financial institution that allows for withdrawals and deposits. |
| cleared check | a check that has been verified with the issuer's bank and is approved for payment. |
| credit unon | Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners. |
| debit card | An electronic card issued by a bank which allows bank clients access to their account to withdraw or pay for goods and services. |
| deposit | A transaction involving a transfer of funds to another party for safekeeping. |
| 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 | 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. |
| financial literacy | The possession of knowledge and understanding of financial matters. |
| 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 |
| income | Money received, esp. on a regular basis, for work or through investments. |
| interest | The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. |
| loan overdraft | An extension of credit from a lending institution when an account reaches zero. |
| memo | A written message, esp. in business; a memorandum. A written message, esp. in business; a memorandum |
| needs | A method of calculating how much life insurance is required by an individual/family to cover their needs |
| non-sugfficiant 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 | Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail |
| 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 | accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate. |
| savings | 1.An economy of or reduction in money, time, or another resource. 2.The money one has saved, esp. through a bank or official scheme. |
| 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. |
| withdraw | 1.Remove or take away (something) from a particular place or position: "Ruth withdrew her hand from his". |
Created by:
haysmith
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