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Budget and Banking
| Term | Definition |
|---|---|
| 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
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