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Budget and Banking
| Term | Definition |
|---|---|
| ATM | A banking terminal that accepts deposits and dispenses cash |
| Account balance | The total amount of money owed to a third party |
| 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 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 cheque from the bank in which it was deposited to the bank on which it was drawn |
| 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 on the back to make it payable to someone other than the stated payee |
| Expense | the cost required for something |
| FDIC | Independent agency of the U>S> federal government that preserves public confidence in the banking system by insuring deposits |
| Fees | Make a payment to someone in return for services |
| Financial Literacy | The ability to understand how money works in the world |
| Financial Security | The condition of having the resources to support a standard of living now |
| Fixed Expense | Costs that do not fluctuate with changes in production level |
| Income | Money received |
| Interest | Money paid regularly at a particular rate |
| Loan Overdraft | A limit on borrowing on a bank current account |
| Memo | A written message |
| Needs | Require something because it is essential |
| Non-sufficient funds (NSF) | Used in the banking industry to signify that there are "non-sufficient funds" in an account in order to honor a check drawn on that account |
| 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 productions |
| Savings | The money one has saved |
| Variable Expenses | A corporate expense that varies with production output |
| Wants | Have a desire to possess or do something |
| Withdrawal | An act of taking money out of an account |
Created by:
Ndawley19
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