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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine- allows people to take out money from their bank account by using a special card |
| Account balance | the amount of money present in a financial repository, such as a savings or checking account, at any given moment; always the net amount after factoring in all debits and credits |
| 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 | 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 |
| 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 of 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 is 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) an independent federal agency insuring deposits in U.S. banks and thrifts in the even of bank failures |
| Fees | a payment made 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 | refers to the peace of mind you feel when you aren't worried about your income being enough to cover you expenses; also means you have enough money saved to cover emergencies and your future financial goals |
| Fixed expense | costs that do not fluctuate with changes in production level or sales volume (ex. rent, insurance, payments on loans, depreciation, dues and subscriptions, etc.) |
| Income | money received, especially on a regular basis, for work 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 | an extension of credit from a lending institution that is granted when an account reaches zero |
| Memo | a written message, especially in business |
| Needs | a thing that is wanted or required |
| Non-sufficient funds | (NSF) refers to 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 | desires that can be satisfied by consuming a good, service, or leisure activity |
| Withdrawal | an act of taking money out of an account. |
Created by:
dkaiser20
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