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Budget and Banking

QuestionAnswer
ATM An electronic banking outlet that allows customers to complete basic transactions. (Automated teller machine)
Account Balance The amount of money in a financial repository, for example a checking account. Can also be the total amount owed to a third party, such as a credit card company etc.
Bank Reconciliaton A process that explains the difference between the bank balance shown in an organization's bank statement and the corresponding amount shown in the organization.
Budget A plan for income and outcome for a set period of time.
Checking account It is a deposit account held at a financial institution that allows withdrawals and deposits.
Check register A synonym to the term is cash disbursements journal, is the journal used to record all of the checks, cash payments and outlays of cash during an accounting period.
Cleared check Movement of a check from the bank in which it was deposited to the bank on which it was drawn.
Credit union A nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
Debit card It is a card from a bank that allows the holder to transfer money electronically to another bank account when making a purchase.
Deposit A sum of money placed or kept in a bank account usually to gain interest.
Direct Deposit The electronic transfer of a payment directly from the account of the payer to the receiving account.
Endorse Sign a check or a bill of exchange on the back to make it payable to someone other.
Expense The cost required for something, and the money that is spent on something
FDIC Insurance in the US against bank failure. (Federal Deposit Insurance Corporation)
Fees A payment made to a professional person or to professional or public body in exchange for advice or services
Financial Literacy the ability to understand how money works in the world, how someone manages to earn or make it. Investments, donations etc.
Financial Security The peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also refers yo having enough money saved to cover emergencies etc.
Fixed expence 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.
Interest Money paid regularly at a particularly rate of the use of money lent, or for delaying the repayment of a debt.
Loan overdraft An extension of credit from a lending institution when an account reaches zero. It allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.
Memo A written message , especially in business.
Needs Required because it is essential or very important to live.
Non-sufficient funds (NSF) A term used in the banking industry to indicate that a check cannot be honored because insufficient funds are available in the account on which the instrument was drawn.
Online banking Electronic payment system the enables customers of a bank or other financial institution to conduct a range of financial transactions.
Payee A person to whom money is paid or is to be paid.
Payer Refers to someone who pays a bill for products or services received.
Reconcile Make one account consistent with another , especially by allowing for transactions begun but not yet completed.
Savings The money a person has saved, especially through a bank.
Variable Expenses Costs that can change depending on your use of products or services.
Wants Have a desire to possess or do something/ wish for.
Withdrawal An act of taking money out of an account.
Created by: jeik17