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Budget and Banking

TermDefinition
ATM A banking terminal that accepts deposits and dispenses and dispenses cash
Account Balance The amount of money in a financial repository, such as a checking account, at any given moment
Bank Reconciliation A process that explains the difference between the bank balance shown in an organization's bank statement
Budget An estimate of income and expenditure for a set of period of time
Checking Account An account at a bank against which checks can be drawn by the account depositor
Cleared Check The process of moving a check from the bank in which it was deposited to the bank on which it was drawn
Credit Union A nonprofit- money making 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 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 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 An independent agency of the United States federal government that preserves public confidence in the banking system by insuring deposits
Fees 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
Financial Security A financial instrument that represents an ownership position in a publicly- traded corporation
Fixed Expense Those that do not fluctuate with changes in production level or sales volume
Income The amount of money received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments
Interest Money paid regularly at a particular rate for the use of money lent
Loan Overdraft A limit on borrowing on a bank current account
Memo A document given to an account holder which states that the account balance has been decreased
Needs Require (something) because it is essential or very important
Non-sufficient funds (NSF) A term used in the banking industry to indicate that a demand for payment
Online Banking An electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution
Payee A person to whom money is paid or is to be paid
Payer Someone who pays a bill for products or services recieved
Savings An economy of or reduction in money
Variable Expenses A corporate expense that varies with production output
Wants A desire for something
Withdrawal An act of taking money out of an account
Created by: droehner19