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Budget and Banking
| Term | Definition |
|---|---|
| ATM | An automated teller machine (ATM) is a specialized computer that allows you to complete bank transactions without the need to see a bank representative |
| Account Balance | An account balance is the amount of money present in a financial repository, such as a savings or checking account, at any given moment |
| Bank Reconciliation | It is the process of matching entries (e.g. customer payments, bank fees) on the company's cash books with the corresponding data on its bank statements. |
| Budget | A budget is a spending plan based on income and expenses. In other words, it's an estimate of how much money you'll make and spend over a certain period of time, such as a month or year. |
| Checking Account | A checking account is a type of bank account that allows you to easily deposit and withdraw money for daily transactions. |
| Check Register | A check register is a booklet you can use to monitor your checking account and running balance, and keep track of how much money you have available to spend at any given time. |
| Cleared Check | A check clears when funds are moved from the check writer's bank to the bank of the person depositing the check that was written. |
| 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 | Direct deposit allows your employer to make deposits straight into your bank account instead of giving you a paper check to deposit yourself. |
| 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 the 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 | Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. |
| Financial Security | Being financially secure means that you no longer have to worry about money. You have peace knowing your financial situation can comfortably cover all your needs and more. |
| Fixed Expense | Fixed expenses cost the same amount each month. These bills cannot easily be changed and are usually paid on a regular basis, such as weekly, monthly, quarterly or from year to year. |
| Income | money received, especially on a regular basis, for work or through investments. |
| Intrest | interest refers to the cost of money borrowed from a lender. |
| Loan Overdraft | lets you borrow money through your current account by taking out more money than you have in the account |
| Memo | a written message, especially in business. |
| Needs | Business needs are what resources or methods organizations require to reach their business goals. |
| Non-sufficient funds (NSF) | the status of a checking account that does not have enough money to cover all transactions. |
| Online Banking | Banking online means accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer. |
| Payee | A payee is a person or organization that receives payment, such as for goods or services. |
| Payer | payer generally refers to someone who pays a bill for products or services received, in the financial context, it often refers to the payer of an interest or dividend payment. |
| 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 or investment plan. |
| Variable Expenses | the opposite of fixed expenses |
| Wants | have a desire to possess or do (something); wish for. |
| Withdrawl | an act of taking money out of an account. |
Created by:
clangan24
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