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Budget and Banking
| Term | Definition |
|---|---|
| ATM | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card |
| Account Balance | amount of money present in a financial repository, such as a savings or checking account, at any given moment |
| Bank Reconciliation | document that compares the cash balance on a company’s balance sheet to the corresponding amount on its 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 | document, usually part of the general ledger, used to record financial transactions in cash |
| Cleared Check | movement of a check from the deposit bank to the drawing bank through a process known as the “clearing cycle” |
| 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 payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later |
| 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 a government agency charged with "preserving and promoting consumer confidence" in banks and other financial institutions. |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | the ability to understand and effectively use various financial skills |
| Financial Security | peace of mind you feel when you aren't worried about your income being enough to cover your expenses |
| Fixed Expense | an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity |
| 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 | loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero |
| Memo | small piece of written information used in business environments for interoffice communication |
| Needs | necessary items to carry out daily tasks |
| Non-Sufficient Funds (NSF) | status of a checking account that does not have enough money to cover transactions |
| Online Banking | digital payment system which enables customers of a bank or a financial institution to make financial or non-financial transactions online via the internet |
| Payee | person or organization that receives payment for goods or services |
| Payer | person or organization that pays for something |
| Reconcile | accounting process carried out by businesses in which they compare two data sets and ensure that they match |
| Savings | income that we do not spend and put aside |
| Variable Expenses | likely to be affected in proportion to the activities of the business. Expenses like production wages, raw materials, sales commission, shipping costs etc. are examples of variable expense |
| Wants | unnecessary items that people buy for pleasure |
| Withdrawal | draw down of an owner's account in a sole proprietorship or partnership |
Created by:
Hlarson22
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