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Budget and Banking
| Term | Definition |
|---|---|
| ATM | an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs. Automatic teller Machine. |
| Account Balance | the amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits. |
| 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 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, is a record of transactions in a checking account. |
| Cleared Check | the process of moving funds from one account to another. It simply means that the checks, once deposited into the bank, need to be transferred to the clearing system, which then communicates with the other banks that the checks are from. |
| 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, a sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later. |
| 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 or 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. And offset (an item of expenditure) as an expense against taxable income. |
| FDIC | an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures. Is the Federal Deposit Insurance Corporation. |
| 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 | refers to the peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals. |
| Fixed Expense | costs are those that do not fluctuate with changes in production level or sales volume. They include such expenses as rent, insurance, dues and subscriptions, equipment leases, payments on loans, depreciation, management salaries, and advertising. |
| 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 | an extension of credit from a lending institution that is granted when an account reaches zero. There is interest on the loan, and there is typically a fee per overdraft. |
| Memo | a written message, especially in business. |
| Needs | circumstances in which something is necessary, or that require some course of action; necessity. |
| Non-sufficient funds (NSF) | refers to the status of a checking account that does not have enough money to cover transactions. If a bank receives a check written on an account with insufficient funds, the bank can refuse payment and charge the account holder an NSF fee. |
| 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 | restore friendly relations between. |
| Savings | an economy of or reduction in money, time, or another resource. And the money one has saved, especially through a bank or official scheme. |
| Variable Expenses | 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. |
| Withdrawal | an act of taking money out of an account. |
Created by:
dpatersin20
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