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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment |
| Budget | an estimate, often itemized, of expected income and expense for a given period in the future. |
| Checking Account | a bank deposit against which checks can be drawn by the depositor. |
| Cleared Check | The appropriate funds exist within the issuer's account and the check is good |
| Credit Union | a cooperative group that makes loans to its members at low rates of interest. |
| Debit Card | a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders. |
| Deposit | to give as security or in part payment. |
| Direct Deposit | a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. |
| Endorse | to designate oneself as payee of (a check) by signing, usually on the reverse side of the instrument. |
| Expense | cost or charge |
| FDIC | Federal Deposit Insurance Corporation |
| Fees | a sum paid or charged for a privilege |
| Financial Literacy | the ability to understand how money works in the world |
| Financial Security | peace of mind knowing that you can buy things and know that it won't dent your savings. |
| Fixed Expense | expenses that remain static rather than fluctuating over time |
| Income | the monetary payment received for goods or services, or from other sources, as rents or investments. |
| Interest | a charge for the use of credit or borrowed money |
| Loan Overdraft | An extension of credit from a lending institution when an account reaches zero |
| Memo | a record or written statement of something. |
| Needs | a requirement, necessary duty, or obligation: |
| Non-sufficient funds (NSF) | a demand for payment (a cheque) cannot be honored because insufficient funds are available in the account on which the instrument was drawn |
| Online Banking | check a bank account balance, perform money transfers, or pay bills online without having to visit the actual bank |
| Payee | a person to whom a check, money, etc., is payable. |
| Payer | the person named in a bill or note who has to pay the holder. |
| Reconcile | to bring into agreement or harmony |
| Savings | redeeming or compensating |
| Variable Expenses | A cost that fluctuates directly with output changes |
| Wants | to wish, need, crave, demand, or desire |
| Withdrawal | removal of money from a bank |
Created by:
dwyatt107
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