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Budget & Banking
| Term | Definition |
|---|---|
| ATM | Automated teller machine |
| Account Balance | the amount of money present in a financial repository, such as a savings or checking account, at any given moment. |
| Bank Reconciliation | the summary of the banking and business accounts that reconciles a company's bank account with its financial record. |
| Budget | An approved plan to spend a certain amount of money in a given fiscal year or project period. |
| Checking Account | an account at a bank against which checks can be drawn by the account depositor. |
| Check Register | 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 | the process of moving funds obtained via check from one account to another. |
| Credit Union | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| Debit Card | a card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder's bank account without the payment of interest. |
| Deposit | a savings product that customers can use to hold an amount of money at a bank for a specified length of time. |
| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | sign the back of it before you can deposit it in your account. |
| Expense | Bank Expense as used in this Agreement means and includes: all costs or expenses required to be paid by Borrower under this Agreement which are paid or advanced by Bank |
| FDIC | 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 | any charges imposed by financial institutions on their personal and business customers for account set-up, maintenance, and minor transactional 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 cover your expenses, emergencies, and retirement without the fear of running out. |
| Fixed Expense | cost the same amount each month and remain consistent |
| Income | money received, especially on a regular basis, for work or through investments. |
| Intrest | the price you pay to borrow money or the cost you charge to lend money. |
| Loan Overdraft | allows quick access to a small amount of money to help you cover an overdraw on your account. |
| Memo | a document that records and notifies a customer of debit adjustments made to their individual bank account. |
| Needs | expenditures that are essential for you to be able to live and work. |
| Non-sufficient funds (NSF) | the status of a checking account that does not have enough money to cover all transactions. |
| Online Banking | accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer. |
| Payee | a person or organization that receives payment, such as for goods or services. |
| Payer | The party making the payment |
| Reconcile | a document that compares the cash balance on a company's balance sheet to the corresponding amount on its bank statement. |
| Savings | an interest-bearing deposit account held at a bank or other financial institution. |
| Variable Expenses | change from month to month |
| Wants | expenses that help you live more comfortably. |
| Withdrawal | removing funds from a bank account, savings plan, pension, or trust. |
Created by:
razzarella
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