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Budget and Banking
| Term | Definition |
|---|---|
| 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 | A budget is an estimate of income and expenditure for a set period of time. |
| Checking Account | A checking account is 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 | A cleared check is 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 | Credit union is a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| Debit Card | A debit card is a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| Deposit | A deposit is a sum of money placed or kept in a bank account, usually to gain interest. A sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later. |
| Direct Deposit | Direct deposit is the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | Endorse is a 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 | Expense is 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 | Fees is 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 | Financial security refers to the 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 | 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 | Income is money received, especially on a regular basis, for work or through investments. |
| Interest | Interest is money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| Loan Overdraft | Loan overdraft is an overdraft that is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. |
| Memo | A debit memo on a bank statement refers to a deduction from the bank account's balance. In other words, a debit memo has the same effect as a check written on the bank account. ... |
| Needs | Needs, to require (something) because it is essential or very important. |
| Non-sufficient funds [NSF] | Non-sufficient funds (NSF) is 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 | Online banking, also known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions. |
| Payee | Payee is a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Payer | Payer, While the term payer generally refers to 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 | Reconciliation is an accounting process that uses two sets of records to ensure figures are accurate and in agreement. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent |
| Savings | Savings is an amount of something that is not spent or used. savings : the amount of money that you have saved especially in a bank over a period of time. |
| Variable Expenses | Variable expenses (also called variable costs) are costs that can change depending on your use of products or services. ... Variable expenses differ from fixed expenses |
| Wants | wants, have a desire to possess or do (something); wish for. |
| Withdrawal | Withdrawal is to remove money from your depository |
Created by:
cpaterson18
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