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Budget and Banking

TermDefinition
ATM Automated teller machine
Account Balance An account balance is the amount of money in a financial repository, such as a savings or checking account, at any given moment.
Bank Reconsiliation A bank reconciliation statement is a document that matches the cash balance on a company’s balance sheet
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.
cleared check it has gone through the complete banking process
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.
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 Security 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.
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.
Fixed expense expenses which remain static, not fluctuating over time.
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 arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals.
memo a written message, especially in business.
Needs require (something) because it is essential or very important.
Non-sufficient funds a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.
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 is the settlement of records between the balance per company financials and the balance per the bank statement. ..
savings the money one has saved, especially through a bank or investment plan.
variable expenses pending decisions like eating at a restaurant, buying clothes, drinking Starbucks, and playing a round of golf with your buddies.
wants have a desire to possess or do (something); wish for.
withdrawal the action of withdrawing something.
Created by: Abeadle21
 

 



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