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Budget and Banking

TermDefinition
ATM automated teller machine
account balance Account balance refers to the difference between the total amount debited and the total amount credited to an account.
bank reconciliation A 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 A check register, also called a cash disbursements journal, is the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period.
cleared check A cleared check is one for which the money has successfully transferred from the issuer's account to the receiver's account. A cleared check has successfully transferred money between sender and receiver.
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 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 Financial literacy is the education and understanding of knowing how money is made, spent, and saved, as well as the skills and ability to use financial resources to make decisions.
financial security 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 A fixed expense is 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 overdraft is an extension of credit from a lending institution that is granted when an account reaches zero. ... Basically, an overdraft means that the bank allows customers to borrow a set amount of money.
memo a written message, especially in business.
needs require (something) because it is essential or very important.
non-sufficient funds (NSF) The term non-sufficient funds (NSF), or insufficient funds, 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 Variable expenses, also called variable costs, 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: cvancheri20
 

 



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