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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
Account Balance An account balance is the amount of money in a financial repository, such as a checking account, at any given moment
Bank reconciliation A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank
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.
Check Register A check register, also called a 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 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.
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 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 The Federal Deposit Insurance Corporation (FDIC) is the U.S. corporation insuring deposits in the United States against bank failure
Fees a payment made to a professional person or to a professional or public body in exchange for advice or services
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
Financial Security A security is 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 A fixed expense is 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 the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Loan Overdraft An overdraft is an extension of credit from a lending institution when an account reaches zero
Memo a written message, especially in business
Needs cannot avoid or help doing something.
Non-Sufficient Funds (NSF) Non-sufficient funds (NSF) is the status of a checking account that does not have enough money to cover transactions
Online Banking is 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 one that pays; especially : the person by whom a bill or note has been or should be paid.
Reconcile make (one account) consistent with another, especially by allowing for transactions begun but not yet completed
Savings an economy of or reduction in money, time, or another resource
Variable Expenses A variable cost is a corporate expense that varies with production output. 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 have a desire to possess or do (something); wish for.
Withdrawal an act of taking money out of an account.
Created by: bjones1346