Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
budget and banking
| Term | Definition |
|---|---|
| ATM | allows customers to complete basic transactions without the aid of a branch representative or teller |
| account balance | An 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 | A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial 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 | A check register is a record of transactions in a checking account |
| cleared check | Check clearing refers to the movement of a check from the deposit bank to the drawing bank |
| 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 (FDIC) 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 | Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing |
| financial security | t represents an ownership position in a publicly-traded corporation via stock |
| fixed expense | A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold |
| 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 |
| memo | a written message, especially in business. |
| needs | circumstances in which something is necessary |
| non sufficient funds | 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 | the money one has saved, especially through a bank or investment plan |
| variable expenses | Variable costs are costs that change as the quantity of the good or service that a business produces changes. |
| wants | a desire for something |
| withdrawal | an act of taking money out of an account |
Created by:
Amillz
Popular Finance sets