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Budget and Banking
yes
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| Account Balance | an account balance is the amount of money present in a financial repository |
| Bank Reconciliation | a bank reconciliation is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent 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 | check register, or cash disbursements journal, is where you record all of the check and cash transactions |
| Cleared Check | Check clearing is simply 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 of money placed or kept in a bank account, usually to gain interest. |
| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | A bank endorsement is a guarantee by a bank confirming that it will uphold a check or other negotiable instrument |
| Expense | he cost required for something; the money spent on something. |
| FDIC | The Federal Deposit Insurance Corporation |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services. |
| Financial Literacy | Financial literacy is the ability to understand and use various financial skills |
| Financial Security | A security is a fungible, negotiable financial instrument that represents some type of financial value, usually in the form of a stock, bond, or option. |
| Fixed Expense | A fixed expense is an expense whose total amount does not change |
| 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 | An overdraft loan allows quick access to a small amount of money to help you cover an overdraw on your account. The loan amount is typically anywhere from $75 to a thousand dollars with applicable interest rates and fees. |
| Memo | a document that records and notifies a customer of debit adjustments made to their individual bank account |
| 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 | 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 | A variable cost is a corporate expense that changes in proportion to how much a company produces or sells. |
| Wants | of non necessity. |
| Withdrawal | an act of taking money out of an account. |
Created by:
jaycebalestrieri
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