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Budget and Banking

TermDefinition
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