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Budget and Banking

TermDefinition
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