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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automated teller machine |
| Account balance | amount of money in a financial repository such as a savings account |
| Bank Reconciliation | The process of Matching the amount of money in an entitys account |
| Budget | an estimate of income and expenditure. |
| Checking account | a banking account in which checks can be drawn from. |
| Check register | record of transactions in a checkings account. |
| cleared check | process of moving funds from one account to another. |
| credit union | a nonprofit cooperative whos members may borrow money at low interests rates. |
| debit card | a card issued by a bank to transfer funds elecontronically |
| deposit | A sum of money placed in a bank account |
| Direct deposit | Elecontronic transfer of money from the employer to the employees bank account. |
| endorse | declares ones public approval |
| expense | The cost required for something |
| fdic | Federal Deposit Insurance Corporation |
| Fees | a payment made to a perfessional person |
| financial literacy | the ability's to use knowledge and skills to make informed decisions about money management designs. |
| financial security | the peace of mind when your aren worried about your income anf |
| Fixed expense | Costs are those that do not fluctuate with changes in production level or sales. |
| Income | Money received for work |
| Interest | Money paid regularly at a particular rate for money lent. |
| Loan overdraft | Extension of credit from a lending institution that is granted when an account reaches zero. |
| Memo | A written message especially in business. |
| Needs | Of necessity |
| Non-sufficient funds | Term used in the banking industry to indicate that a check cannot be honored |
| Online banking | A method of banking in which transactions are conducted electronically |
| 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 |
| Reconcile | Restore friendly relations |
| Savings | An economy of or reductions in money time or another resource |
| Variable expenses | Expenses that can change depending on your use of products or services. |
| Wants | Have a desire to possess or do something |
| Withdrawal | The act of taking money out of an account. |
Created by:
Goverbeck20
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