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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 | the amount of money present in a financial repository, such as a savings or checking account, at any given moment. |
| Bank Reconciliation | summarizes banking and business activity. |
| 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 | a document that is usually part of the general ledger, used to record financial transactions in cash. |
| Cleared Check | one for which the money has successfully transferred from the issuer's account to the receiver's account. has successfully transferred money between sender and receiver. |
| 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 of money placed or kept in a bank account, usually to gain interest. the action of placing something in a specified place. |
| 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 | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits. |
| Fees | make a payment to (someone) in return for services. |
| Financial Literacy | the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. |
| Financial Security | financial instrument issued by companies, financial institutions and the government as a means of borrowing money and raising new capital. |
| Fixed Expense | a type of overhead expense, which is essentially the cost of operating your business. |
| 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 | 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 | the money one has saved, especially through a bank or investment plan. |
| Variable Expenses | expenses that change depending on how much you use a product or service. |
| Wants | have a desire to possess or do (something); wish for. |
| Withdrawals | an act of taking money out of an account. |
Created by:
cneubauer22
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