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Budget/Banking

TermDefinition
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