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budget Banking
| Term | Definition |
|---|---|
| 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
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