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Budget and Banking
| Term | Definition |
|---|---|
| ATM | A machine that dispenses cash or performs other banking services when an account holder inserts a bank card. |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment. |
| Bank Reconciliation | Explains the difference on a specified date 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 | A document, usually part of the general ledger, used to record financial transactions in cash. |
| 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 | 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 | The ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being |
| Financial Security | 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 | 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 | An extension of credit from a lending institution when an account reaches zero. ... Basically, overdraft means that the bank allows customers to borrow a set amount of money. |
| Memo | A written message, especially in business |
| Needs | Cannot avoid or help doing something |
| Non-sufficient funds (NSF) | The status of a checking account that does not have enough money to cover transactions |
| Online Banking | A method of banking in which transactions are conducted electronically via the Internet |
| Payee | A person to whom money is paid or is to be paid, especially the person to whom a check is made payable |
| Payer | A person or organization that gives someone money that is due for work done, goods received, or a debt incurred |
| Reconcile | To 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 | Expenses that can change depending on your use of products or services; they are somewhat unpredictable |
| Wants | Lack or be short of something desirable or essential |
| Withdrawal | An act of taking money out of an account |
Created by:
tleroyparker18
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