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Budget and Banking

TermDefinition
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