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Budget and BAnking

TermDefinition
ATM Automatic Teller Machine
Account Balance The amount of money in an account
Bank Reconciliation A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a 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 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 Cheque clearing (or check clearing in American English) or bank clearance is the process of moving a cheque 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 declare one's public approval or support of
Expense the cost required for something; the money spent on something
FDIC The Federal Deposit Insurance Corporation
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
Financial Security Financial security refers to the peace of mind you feel when you aren't worried about your income
Fixed Expense A fixed expense is an expense that will be the same total amount regardless of changes in the amount of sales
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 Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals
Memo a written message, especially in business
Needs cannot avoid or help doing something
Non-Sufficient funds 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 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 The payer (sometimes spelled payor) is the person who pays the payment
Renconcile 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 Variable expenses (also called variable costs) are costs that can change depending on your use of products or services
Wants have a desire to possess or do (something); wish for
Withdrawl the action of withdrawing something
Created by: bturner17