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Budget and Banking

QuestionAnswer
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 A bank reconciliation is 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 the account depositor.
Check Register A check register, or cash disbursements journal, is where you record all of the check and cash transactions your business has during an accounting period. Businesses use a check register to calculate a running balance of their checking account.
Cleared Check A succinct definition of check clearing is the movement of cash from the bank at which a check is drawn to the bank which is set to receive the funds.
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 Bank deposits are a savings product that customers can use to hold an amount of money at a bank for a specified length of time.
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
Expense
FDIC
Fees
Financial Literacy
Financial Security
Fixed Expense
Income
Interest
Loan Overdraft
Memo
Created by: abass23
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