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Budget and Banking

TermDefinition
ATM An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs.
Account Balance the amount of money in a financial repository, such as a checking account, at any given moment
Bank Reconciliation process that explains the difference between the bank balance shown in an organization's bank statement and the corresponding amount shown in the organization's own [accounting] records at a particular point of time.
Budget an estimate of income and expenditure for a set period of time; allow or provide a particular amount of money
Checking Account an account at a bank against which checks can be drawn by the account depositor.
Check Register the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period.
Cleared Check The movement of a check from the depository institution at which it was deposited back to the institution on which it was written
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.
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 Federal Deposit Insurance Corporation (FDIC) is the U.S. corporation insuring deposits in the United States against bank failure
Fees make a payment to (someone) in return for services.
Financial Literacy 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 he peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals.
Fixed Expense an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity
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 the bank allows customers to borrow a set amount of money.
Memo a written message, especially in business.
Needs necessity arising from the circumstances of a situation or case
Non-Sufficient Funds (NSF) a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.
Online Banking an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
Payee a person to whom money is paid or is to be paid, especially the person to whom a check is made payable.
Payer 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.
Reconcile make (one account) consistent with another, especially by allowing for transactions begun but not yet completed.
Savings the money one has saved, especially through a bank or official scheme.
Variable Expenses costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases.
Wants have a desire to possess or do (something); wish for.
Wtihdrawal an act of taking money out of an account.
Deposit a sum of money placed or kept in a bank account, usually to gain interesr
Created by: lgrover18