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Budget and Banking

TermDefinition
ATM is a machine that allows people to take out money from their bank account by using a special card
Account Balance is the amount of money in a financial repository, such as a savings or checking account, at any given moment
Bank Reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
Budget 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 record of transactions in a checking account. Keep track of how much money you have in your checking account by recording checks and other transactions in your check register.
Cleared Check is simply a process whereby funds move from one account to another to settle a check payment.
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 declare one's public approval or support of.
Expense the cost required for something; the money spent on something.
FDIC The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures.
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 education and understanding of various financial areas including topics related to managing personal finance, money and investing.
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 is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis.
Memo a written message, especially in business.
Needs cannot avoid or help doing something.
Non-Sufficient Funds (NSF) is 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 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 also called variable costs, are expenses that can change depending on your use of products or services; they are somewhat unpredictable.
Wants have a desire to possess or do (something); wish for.
Withdrawl an act of taking money out of an account.
Created by: jlatimore19