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budget and baking

TermDefinition
ATM a machine that dispenses cash or performs other banking services when an account holder inserts a bank card.
account balance is the amount of money in a financial repository, such as a checking account, at any given moment
bank reconciliation statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement
budget estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis
checking account an 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 The movement of a check from the depository institution at which it was deposited back to the institution on which it was written
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 is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security.
financial security deep rooted emotion giving individuals a psycho- logical hall pass saying, “It's going to be okay.”
fixed expense 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.
load overdraft allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal
memo a written message, especially in business.
needs cannot avoid or help doing something.
non sufficient funds a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn
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 a corporate expense that changes in proportion with production output. Variable costs increase or decrease depending on a company's production volume
wants ave a desire to possess or do (something); wish for.
withdrawal an act of taking money out of an account.
Created by: sromanik18