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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 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