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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 and the corresponding amount shown in the organization's own records |
| 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; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts |
| 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 |
| 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 | Interest is the charge for the privilege of borrowing money, typically expressed as annual percentage rate. Interest can also refer to the amount of ownership a stockholder has in a company, |
| Loan Overdraft | overdraft 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 | require (something) because it is essential or very important |
| 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 |
| Online Banking | 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 | the money one has saved, especially through a bank or official scheme |
| 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 |
| Wants | have a desire to possess or do (something); wish for |
| Withdrawal | an act of taking money out of an account |
| Credit union | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
Created by:
victoria75
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