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Budget and Banking

TermDefinition
ATM This is a computer terminal that takes the place of a human bank teller and allows the user to access basic bank services, such as making deposits and cash withdrawals from remote locations, twenty-four hours a day.
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 A process that explains the difference between the bank balance shown in an organisation'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.
Check Clearing The movement of a check from the depository institution at which it was deposited back to the institution at 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 (Federal Deposit Insurance Corporation) A United States government corporation operating as an independent agency created by the Banking Act of 1933.
Fee A payment made to a professional person or to a professional or public body in exchange for advice or services.
Financial Literacy The ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others.
Financial Security A security is a trad-able financial asset of any kind.
Fixed Expenses Costs that do not fluctuate with changes in production level or sales volume.
Income Money received, especially on a regular basis, for work or through investments.
Loan Overdraft An extension of credit from a lending institution when an account reaches zero.
Memo A written message, especially in business.
Needs Cannot avoid or help doing something.
Non-Sufficient Funds (NSF) 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.
Payee A person to whom a check, money, etc., is payable.
Payer Someone who pays a bill for products or services received, in the financial context it usually refers to the one paying for an interest or dividend payment.
Saving The money one has saved, especially through a bank or official scheme.
Variable costs Costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases.
Want To have a desire to possess or do (something).
Withdrawal An act of taking money out of an account.
Created by: bdilorenzo15