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budget and banking

ATM automated teller machine
account balance the amount of money in a financial repository
bank reconciliation a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records.
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 process of moving a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of the money in the opposite direction.
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 on the back of a check to make it payable to someone other than the stated payee or to accept responsibility for paying it.
expense the money spent on something.
FDIC The Federal Deposit Insurance Corporation is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation's financial system
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 one's financial resources effectively for lifetime financial security.
financial security the peace of mind you feel when you aren't worried about your income being enough to cover your expenses.
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 a limit on borrowing on a bank current account.
memo a written message, especially in business
needs range from basic survival needs satisfied by necessities, to cultural, intellectual, and social needs satisfied by necessaries
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 making 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.
wants Unsatisfied human desires that motivate their actions and enhance their fulfillment when met.
withdrawal an act of taking money out of an account
Created by: tgates19