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Budget and Banking

ATM automated teller machine, is a specialized computer that makes it convenient to manage a bank account holder's funds
Account Balance the amount of money present in a financial repository, such as a savings or checking account
Bank Reconciliation form that allows individuals to compare their personal bank account records to the bank's 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 Registered is where you record all of the check and cash transactions your business has during an accounting period
Cleared Check a process whereby funds move from one account to another to settle a check paymenT
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 Deposition refers to the deposit of funds electronically into a bank account rather than through a physical, paper check
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 agency created by Congress to maintain stability and public confidence in the nation's financial system
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 ability to understand and use various financial skills, including personal financial management, budgeting, and investing
Financial Security a fungible, negotiable financial instrument that holds some type of monetary value
Fixed Expense an expense whose total amount does not change when there is an increase in an activity such as sales or production
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 a loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero
Memo a written message, especially in business
Needs of necessity
Non-Sufficient Funds (NSF) or insufficient funds, refers to 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 an economy of or reduction in money, time, or another resource
Variable Expenses a corporate expense that changes in proportion to how much a company produces or sells
Wants have a desire to possess or do (something); wish for
Withdrawal a sum of money withdrawn from an account
Created by: eschneider22
Popular Finance sets




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