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Budget and Banking
| Term | Definition |
|---|---|
| ATM | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card. |
| Account Balance | the amount of money you have in one of your financial accounts |
| Bank Reconciliation | a form that allows individuals to compare their personal bank account records to the bank's 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 | the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period |
| Cleared Check | the check has gone through the complete banking process |
| 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 on the back of the check 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 |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services. |
| Financial Literacy | 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 | 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 | cost the same amount each month. These bills cannot easily be changed and are usually paid on a regular basis |
| 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 | a bank extends credit up to a maximum amount against which a current (checking) account customer can write checks or make withdrawals. |
| Memo | a written message, especially in business. |
| Needs | of necessity |
| Non-Sufficient funds (NSF) | a check cannot be honored because insufficient funds are available in the account |
| 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 investment plan. |
| Variable Expenses | Variable expenses represent those daily spending decisions like eating at a restaurant, buying clothes |
| Wants | have a desire to possess or do something |
| Withdrawal | a sum of money withdrawn from an account |
Created by:
mattpalmer21
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