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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. |
| accountant balance | the amount of money present in a financial repository, such as a savings or checking account, |
| bank reconciliation | the summary of the banking and business accounts that reconciles a company's bank account with its financial record. |
| 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 | the journal that records all the checks, cash and cash outlay during an accounting period. |
| cleared check | checks which have been successfully processed and the funds have made their way from the drawer's account to the depositing account |
| 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 | signing the back of the check |
| expense | the cost required for something; the money spent on something. |
| FDIC | Federal Deposit Insurance Corporation—is an independent agency of the United States government. |
| fees | a payment made to a professional person or to a professional or public body in exchange for advice or services. |
| financial literacy | the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. |
| financial security | having enough money to comfortably cover your monthly expenses, recover from financial setbacks, and save for your future. |
| fixed expense | Fixed expenses 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 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 | Accepting withdrawals and deposits. Providing loans. Offering different types of accounts. Internet banking features. |
| 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 | 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 corporate expense that changes in proportion to how much a company produces or sells. |
| wants | expenses that you can comfortably live without and is not essential for survival. |
| withdrawal | a sum of money withdrawn from an account |
Created by:
tbraidich23
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