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Budget and Banking
| Term | Definition |
|---|---|
| ATM | is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Accessed with credit or debit card mostly |
| Account Balance | Is the amount of money in a financial repository, such as a checking account, at any given moment. It can also be the total amount of money owed to a third party |
| Bank Reconciliation | is a process that explains the difference between the bank balance shown in an organization's bank statement, |
| 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 | 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. |
| 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 (Federal Deposit Insurance Corporation) | corporation insuring deposits in the United States against bank failure. |
| Fees | payment made to a professional person or to a professional or public body in exchange for advice or services. |
| 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 | 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 | 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. |
| Intrest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| Loan 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) | 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 | 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 | it usually refers to the payer of an interest or dividend payment. |
| 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 | are 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:
cprosneick17
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