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Budget and Banking
| Term | Definition |
|---|---|
| ATM | An electronic telecommunications device that enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller |
| Account Balance | The total amount of money owed to a third party such as a credit card company, utility company, mortgage banker or other type of lender or creditor. The account balance will always be the net amount after factoring in all debits and credits. |
| Bank Reconciliation | A bank reconciliation is a process performed by a company to ensure that the company's records (check register, general ledger account, balance sheet, etc.) are correct and that the bank's records are also correct. |
| Budget | A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows |
| Checking Account | an account at a bank against which checks can be drawn by the account depositor. |
| Cleared Check | Cheque clearing (or check clearing in American English) is the process of moving a cheque 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 cooperative group that makes loans to its members at low rates of interest. |
| Debit Card | a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders. |
| Deposit | money placed in a bank account or an instance of placing money in a bank account. |
| Direct deposit | a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. |
| 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 | The Federal Deposit Insurance Corporation is a United States government corporation, it provides deposit insurance guaranteeing the safety of a depositor's accounts in member banks up to $250,000 for each deposit ownership category in each insured bank. |
| Fees | A fee is the price one pays as remuneration for rights or services. Fees usually allow for overhead, wages, costs, and markup. |
| Financial Literacy | 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. |
| Fixed Expense | Fixed expenses or 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. |
| Intrest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| Loan Overdraft | Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals. |
| Memo | Memo is short for memorandum, a document or other communication |
| Needs | cannot avoid or help doing something. |
| Non-Sufficient Funds (NSF) | Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored because insufficient funds are available in the account on which the instrument was drawn. |
| 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 | a person, organization, etc., that pays or is responsible for paying something |
| Savings | Saving is income not spent, or deferred consumption. |
| Variable Expense | 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 | to desire or wish for |
| Withdrawl | an act of taking money out of an account. |
Created by:
Tcole16
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