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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. Anyone with a credit card or debit card can access most ATMs
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.
budget allow or provide a particular amount of money in a budget.
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.
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 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, 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
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 money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
loan overdraft A bank overdraft is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis. A bank loan is a fixed amount for a fixed term with regular fixed repayments.
memo a written message, especially in business.
needs cannot avoid or help doing something.
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.
payee a person to whom money is paid or is to be paid, especially the person to whom a check is made payable.
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 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 Variable expenses (also called variable costs) are costs that can change depending on your use of products or services
wants Economic wants are defined as desires that can be satisfied by consuming a good, service or leisure activity.
withdrawal an act of taking money out of an account.
Created by: Xander_pg