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Budget and Banking

TermDefinition
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