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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automated Teller Machine |
| Account Balances | The amount of money in an account, equal to the net of credit and debit |
| Bank Reconciliation | Process that explains the difference between the bank balance and and the corresponding 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 | moving a check from the bank in which it was deposited to the bank on which it was drawn |
| Credit Union | 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 | an independent agency of the United States (U.S.) 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 | 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 | the condition of having the resources to support a standard of living now and in the foreseeable future |
| Fixed Expense | 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. |
| Interest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt |
| Loan Overdraft | limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis. A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft. |
| Memo | a written message, especially in business. |
| Needs | cannot avoid or help doing something. |
| Non-sufficient Funds (NSF) | there are "non-sufficient funds" in an account in order to honor a check drawn on that account. Colloquially, this is known as a "bounced check" or "bad check". |
| Online Banking | Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. |
| Payee | A person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Payer | refers to the payer of an interest or dividend payment. |
| Savings | the money one has saved, especially through a bank or official scheme |
| Variable Expenses | corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases. |
| Wants | a lack or deficiency of something. |
| Withdrawal | an act of taking money out of an account. |
Created by:
Tommo22
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