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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 |
| Account Balance | is the amount of money present 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 | 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 | is 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 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 | 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 |
| FDIC | 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 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 | an expense whose total amount does not change when there is an increase in an activity such as sales or production |
| 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 |
| Memo | a written message, especially in business. |
| Needs | require (something) because it is essential or very important |
| 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 | an economy of or reduction in money, time, or another resource |
| Variable Expenses | 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:
oboothe20
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