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Budget and Banking
| Term | Definition |
|---|---|
| ATM | An electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. |
| 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, as supplied by the bank, and the corresponding amount shown in the organization's own [accounting] records at a particular point in time. |
| 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 | Is the process of moving a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of the money in the opposite direction. |
| 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 payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later. |
| 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 | Is 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 | Is the 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 | A financial instrument that represents an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option |
| Fixed Expense | Costs are those 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 | Is a limit on borrowing on a bank current account. |
| Memo | A written message, especially in business. |
| Needs | Cannot avoid or help doing something |
| Non-sufficient Funds | An acronym 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 | 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 someone who pays a bill for products or services received, in the financial context it usually 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 | Budget items that you can change the amount on. |
| Wants | Are desires that can be satisfied by consuming a good, service, or leisure activity. |
| Withdrawal | An act of taking money out of an account. |
Created by:
Otallchief16
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