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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated-teller machine. |
| Account Balance | The amount available in an account |
| Budget | A detailed pro forma schedule of financial activity |
| Checking Account | A deposit account held with a financial institution that allows for withdrawals through checks, automated teller machines, or debit cards |
| Cleared Check | The movement of a check from the depository institution at which it was deposited back to the institution on which it was written; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts. |
| Credit Union | A non-profit cooperative organization that offers many of the same services as a bank |
| Debit Card | A card that resembles a credit card but which debits a transaction account (checking account) with the transfers occurring contemporaneously with the customer's purchases. |
| Deposit | An amount of money held at a financial institution on behalf of an account holder for safekeeping |
| Direct Deposit | An electronic service in which a payment, especially but not limited to a paycheck, pension, or tax refund, is transferred immediately into the recipient's bank account. |
| Endorse | 1. The payee's signature on the back of a check indicating that the payee has received the check. |
| Expense | Charged to an expense account, fully reducing reported profit of that year, as is appropriate for expenditures for items with useful lives under one year. |
| FDIC | Federal Deposit Insurance Corporation (FDIC) A federal institution that insures bank deposits. |
| Fees | A fixed amount or a percentage of an underwriting or principal paid to the underwriter for its services. |
| Financial Literacy | Financial literacy is the ability to understand finance |
| Financial Security | A security is a fungible, negotiable instrument representing financial value |
| Fixed Expense | In economics, fixed costs are business expenses that are not dependent on the level of goods or services produced by the business |
| Income | Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms |
| Interest | Interest is a fee paid on borrowed assets. |
| Loan Overdraft | An overdraft occurs when some one withdraws from a bank account and they exceed the available balance |
| Memo | |
| Needs | A need is something that is necessary for organisms to live a healthy life |
| Non-sufficient funds (NSF) | |
| Online Banking | Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society. |
| Payee | payee is the party receiving the payment. |
| Payer | the payer is the party making a payment |
| Reconcile | Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement |
| Savings | A deposit account held with a financial institution that pays interest but does not allow for direct withdrawal through checks. |
| Variable Expenses | A cost to a person or business that varies over time according to a number of factors |
| Wants | To desire greatly; wish for |
| Withdrawal | A transaction in which a customer receives back money he/she had previously deposited at a bank, pension, or trust. |
Created by:
aarp824
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