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Budget and banking
Finance
| Term | Definition |
|---|---|
| ATM | It’s an automated teller machine, is a specialized computer that makes it convenient to mange a bank account holder’s funds. |
| Account Balance | The amount of money in your bank account that you can spend. |
| Bank Reconciliation | Is the process by which the bank account balance in an entity ‘s books of account is reconciled to the balance reported by the financial institution in most bank statements. |
| Budget | An estimate of income and expenditure for a set period of time and not spending all of your money. |
| Checking Account | An account at a bank against which checks can be drawn by the account depositor |
| Check Register | The accounting a check register or check book |
| Cleared Check | Is the process of moving cash from the bank on which a cheque is drawn to the bank in which it was desposited. |
| 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 purchase. |
| Deposit | A sum of money placed in a bank account usually to gain interest. |
| Direct Deposit | When the money from your check goes straight into your bank account. |
| Endorse | Signing the back of a check so it can be deposit. |
| Expense | The cost required for something; the money spent on something. |
| FDIC | Federal Deposit Insurance Corporation is one of two agencies that provide deposit insurance to depositors in U.S. |
| 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 | A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but it’s legal definition varies by jurisdiction. |
| Fixed Expense | Fixed cost also know as indirect costs or overhead costs, re business expenses that are not dependent on the level of goods and services. |
| Income | How much you make in a year. |
| Interest | Money paid regularly ata 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 | A written message. |
Created by:
Mpolowy21
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