Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Budget and Banking
| Term | Definition |
|---|---|
| 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
Popular Finance sets