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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automatic teller machine; specialized computer that allows you to complete bank transactions |
| Account Balance | Amount of money present in a financial repository |
| Bank Reconciliation | A process performed by a company to ensure that its' records are correct |
| 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 an account depositor |
| Check Register | A journal that records all the checks, cash, and cash outlay during an accounting period |
| Cleared Check | Checks that have been successfully processed |
| Credit Union | A nonprofit- making money cooperative whose members can borrow from pooled deposits at low interest rates |
| Debit Credit | An account entry indicating where vale is flowing into and out of a business |
| Deposit | A sum of money placed or kept in a bank account, usually to gain interest |
| Direct Deposit | The electronic transfer of payment directly from the account of the payer to the recipient's account |
| Endorse | To sign on the back to make it payable to someone other than the slated payee |
| Expense | The cost required for something |
| FDIC | Federal Deposit Insurance Corporation; an independent agency created by the US Congress to maintain stability in the nation's financial system |
| Fees | A payment made to someone in return for services |
| Financial Literacy | The ability to understand and effectively use various financial skills |
| Financial Security | Having enough money to comfortably cover your monthly expenses, recover from financial setbacks, and save for your future |
| Fixed Expenses | Bills that cost the same amount each month |
| 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 the bank that allows customers to pay for expenses when the account reaches zero |
| Memo | A document listing the routing numbers and bank account numbers that belongs to the business account for a business |
| Needs | Require something because it is essential |
| Non-sufficient funds (NSF) | The status of a checking account that does not have enough money to cover all 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 money which is due for work done, goods received, or a debt incurred |
| Reconcile | To 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 |
| Variable Expenses | An expense that changes in proportion to how much a company produces or sells |
| Wants | Something desired |
| Withdrawal | The act of taking money out of an account |
Created by:
ebowers2424
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