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Budget and Banking

TermDefinition
ATM Automated Teller Machine.
Account balance Amount of money in a checking or savings account.
Bank Reconciliation A process that matches an individuals balance and bank statement.
Budget Estimate of income.
Checking Account A bank account that checks can be drawn from.
Check register A record of your checks and transactions.
Cleared Check Transactions from payer to recipient have been successful.
Credit Union Allows you to borrow credit deposits for low interest rates.
Debit Card A card given to you by the bank that allows to transfer money electronically. D
Deposit Amount of money placed in a bank account.
Direct deposit Electric transfer of payment from payer to recipient.
Endorse A signature on the back of a check allowing it to be payable by someone else.
Expense The money spent on something.
FDIC The Federal Deposit Insurance Corporation. Federal agency that insures deposits.
Fees A payment made in return for a good or service.
Financial Literacy Having education in multiple financial fields.
Financial Security The peace of mind experienced when you aren’t worried about your income to pay for expenses.
Fixed expense A bill that doesn’t change.
Income Money regularly received.
Interest Money paid regularly at a rate.
Loan Overdraft An extension of credit given when an account reaches 0.
Memo A written business message.
Non Sufficient Funds A checking account that doesn’t have enough to cover transactions.
Payee A person who is to be paid.
Payer Person or organization that pays what’s due for work.
Reconcile Make one account consistent with another.
Savings The money one has saved.
Variable expenses Costs that change when a business’s good or service changes.
Wants What you desire to possess.
Withdrawal Action of removing.
Needs A thing that is required for survival.
Created by: Hweeks20
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