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budget and marketing
| Term | Definition |
|---|---|
| atm | automated teller machine |
| account balance | the amount of money in an account, equal to the net of credits |
| bank reconciliation | statement is a document that compares the cash balance on a company’s balance sheet to the corresponding amount on its bank statement |
| budget | financial estimates and plans |
| checking account | an account at a bank against which checks can be drawn by the account depositor |
| check register | register of checks issued, official written record of names or events or transactions. |
| cleared check | simply a process whereby funds move from one account to another |
| credit union | nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| debit card | card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| deposit | trust or safe keeping |
| direct deposit | 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 | cost required for something; the money spent on something |
| FDIC | Federal Deposit Insurance Corporation |
| fees | payment made to a professional person or to a professional or public body in exchange for advice |
| financial literacy | ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing |
| financial security | financial instrument that is negotiable and has a recognized financial worth |
| fixed expense | reduce uncertainty, but this is not always possible |
| income | money received, for work or through investments |
| interest | money paid regularly at a particular rate for the use of money lent |
| loan overdraft | overdraft allows the account holder to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal |
| memo | a written message, especially in business. |
| needs | of necessity |
| non-sufficient funds | refers to the status of a checking account that does not have enough money to cover transactions |
| online banking | 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 | person or organization that gives someone money that is due for work done |
| reconcile | process of ensuring that one's personal records of transactions on a bank account matches the bank statement one receives each month |
| savings | Savings can be used to increase income through investing |
| variable expenses | Property operating expenses that increase and decrease in relatively direct proportion to changes in occupancy |
| wants | are expressed in the market place not by need or desire but by the willingness and ability to actually purchase the good or service in DEMAND |
| withdrawal | transaction in which a customer receives back money he/she had previously deposited at a bank, pension, or trust |
Created by:
KFarrell2021
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