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Budget and Banking

TermDefinition
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