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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Electronic Banking Outlet, Anyone with a credit card or debit card can access most ATMs. |
| Account Balance | Amount of money in a account. Such as a savings account. |
| Bank Reconciliation | A form that allows individuals to compare their personal bank account records to the bank's records of the individual's account balance in order to uncover any possible similarities |
| Budget | estimate of income for a set period of time |
| Checking Account | account at a bank against which checks can be drawn by the account depositor |
| Check Register | document, usually part of the general ledger, used to record financial transactions in cash |
| Cleared Check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn |
| 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 | 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 |
| Fees | make a payment to someone in return for services. |
| Financial Literacy | is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security. |
| Financial Security | peaceful state of mind for not being in debt |
| 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 |
| Interest | money paid regularly at a particular rate |
| Loan Overdraft | a limit on borrowing on a bank current account |
| Memo | a written message |
| Needs | cannot avoid or help doing something |
| Non-Sufficient Funds (NSF) | NSF) is a term used in the banking industry, meaning no money is available in this account |
| Online Banking | method of banking in which transactions are conducted electronically via the Internet |
| Payee | person to whom money is paid or is to be paid |
| Payer | a person or organization that gives someone money that is due for work done, goods received, or a debt incurred |
| Reconcile | make an account |
| Savings | the money one has saved |
| Variable Expenses | increase or decrease depending on a company's production volume |
| Wants | to wish for |
| Withdrawal | taking money out of an account |
Created by:
ascheffer19
Popular Finance sets