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budget Banking

TermDefinition
1. ATM automated teller machine
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 The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another.
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
direct deposit The electronic transfer of a payment directly from the account of the payer to the recipient's account
endorse 1.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 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. 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 Expense) Any expense that does not change from period to period, such as loan payments
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 If you have an overdraft account, your bank will cover checks which would otherwise bounce. As with any loan, you pay interest on the outstanding balance of an
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".
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.Garrison, Noreen, Brewer. Ch 2 -...
29. Wants Have a desire to possess or do (something); wish for
30. Withdrawal 1.The action of withdrawing something
Created by: naquita hunt