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Budget and BAnking
| Term | Definition |
|---|---|
| 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
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