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Budget and Banking

TermDefinition
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