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budget and banking

TermDefinition
ATM a machine that dispenses cash or performs other banking services when an account holder inserts a bank card
Account Balance the amount of money in a financial repository, such as a savings or checking account, at any given moment
bank reconciliation 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 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 record of transactions in a checking account.
cleared check 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 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 Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits
fees a payment made to a professional person or to a professional or public body in exchange for advice or services
financial literacy the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.
financial security the peace of mind you feel when you aren't worried about your income being enough to cover your expenses.
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 the state of wanting to know or learn about something or someone.
loan overdraft unreasonable in virtually every respect, wreaking financial devastation in the lives of those unable to recover from a surge of fees that washes them out when they are most struggling to stay afloat.
memo a written message, especially in business
Created by: slau20