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budget and banking

TermDefinition
ATM a machine that dispenses cash or performs other banking services when an account holder inserts a bank card
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 is the process of moving funds from one account to another.
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 The Federal Deposit Insurance Corporation- is 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 refers to the peace of mind you feel when you aren't worried about your income being enough to cover your expenses.
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 is an extension of credit from a lending institution that is granted when an account reaches zero.
Memo are a piece of interoffice correspondence sent between employees in a company or between company subsidiaries to transmit ideas, decisions, requests or announcements.
Needs are gaps between the current state of a business and its goals.
Non-sufficient funds (NSF) is the term used to describe a check that has been returned by the bank on which it was drawn because the checking account balance was less than the amount of the check.
Online Banking also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
Payee is a party in an exchange who receives payment
Payer refers to an entity that makes a payment to another entity.
Reconcile is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.
Savings according to Keynesian economics, are what a person has left over when the cost of his or her consumer expenditure is subtracted from the amount of disposable income earned in a given period of time.
variable Expenses is a corporate expense that changes in proportion to production output.
Wants Many business marketing departments pay close attention to the needs and wants of their target market since both drive consumer purchases.
Withdrawal occurs when funds are removed from an account.
Created by: gstevens21
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