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Budget and Banking

TermDefinition
ATM An automated teller machine (ATM) is an electronic banking outlet
Account Balance is the amount of money in a financial repository
Bank Reconciliation . is a process that 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 is a document, usually part of the general ledger, used to record financial transactions in cash.
Cleared check The process in which a bank collects the funds on a check deposit from the issuing institution
Credit Union 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 The Federal Deposit Insurance Corporation (FDIC) is the U.S. corporation insuring deposits in the United States against bank failure.
Fees an estate of land, especially one held on condition of feudal service.
Financial Literacy "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being."
Financial Security refers to the peace of mind you feel when you aren't worried about your income being enough to cover your expenses
Fixed expense is 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 A bank overdraft is a limit on borrowing on a bank current account
Memo written message, especially in business
Needs cannot avoid or help doing something
Non sufficient funds (NSC) a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account
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 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 is a corporate expense that changes in proportion with production output.
Wants lack or be short of something desirable or essential
Withdrawal an act of taking money out of an account
Exemption the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income
Created by: jscheffer18