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Budget and Banking

TermDefinition
ATM is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.
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, as supplied by the bank, and the corresponding amount shown in the organization's own [accounting] records at a particular point of time.
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 is the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period.
Cleared Check is the process of moving a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of the money in the opposite direction.
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 Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.
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 ability to understand how money works in the world: how someone manages to earn or make it, how to manage it, how to invest it (turn it into more) and how that person donates it to help others.
Financial Security the peace of mind you feel when you aren't worried about your income being enough to cover your expenses. Also means that you have enough money saved to cover emergencies and your future financial goals.
Fixed Expense an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity.
Income is money that an individual or business receives in exchange for providing a good or service or through investing capital.
Interest money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Loan 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 range from basic survival needs (common to all human beings) satisfied by necessities, to cultural, intellectual, and social needs (varying from place to place and age group to age group) satisfied by necessaries.
Non-Sufficient Funds (NSF) is a term used in the banking industry to indicate that a check 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 generally refers to someone who pays a bill for products or services received.
Reconcile is used to ensure that the money leaving an account matches the actual money spent.
Savings the money one has saved, especially through a bank or official scheme.
Variable Expenses are costs that can change depending on your use of products or services.
Wants the desire for GOODS and SERVICES.
Withdrawal the act of taking money out of a bank account.
Created by: Makhdar17