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Budget and Banking

CFM 2

TermDefinition
ATM An electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller
Account Balance The total amount of money owed to a third party such as a credit card company, utility company, mortgage banker or other type of lender or creditor
Bank Reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time
Budget an estimate of income and expenditure for a set period of time
Checking Account an account at a bank against which checks can be drawn by the account depositor
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
Credit Union a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates
Debit Card a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase
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 sign (a check or bill of exchange) on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it
Expense the cost required for something; the money spent on something
FDIC is a United States government corporation operating as an independent agency created by the Banking Act of 1933.
Fees a payment made to a professional person or to a professional or public body in exchange for advice or services
Financial Literacy is the ability to understand how money works in the world
Financial Security instrument that represents: an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option
Fixed Expense that have to be paid by a company, independent of any business activity
Income money received, especially on a regular basis, for work or through investments
Interest money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Loan Overdraft your bank will cover checks which would otherwise bounce. As with any loan, you pay interest on the outstanding balance of an overdraft loan
Memo a written message, especially in business
Needs cannot avoid or help doing something
Non-Sufficient Funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored because insufficient funds are available in the account on which the instrument was drawn
Online Banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society
Payee a person to whom money is paid or is to be paid, especially the person to whom a check is made payable
Payer generally refers to someone who pays a bill for products or services received, in the financial context it usually refers to the payer of an interest or dividend payment
Savings the money one has saved, especially through a bank or official scheme
Variable Expenses A corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume
Wants have a desire to possess or do (something); wish for
Withdrawal an act of taking money out of an account
Created by: jcorbin15