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budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| Account balance | how much money you have in an account |
| bank reconciliation | Reconciliation is the process of comparing two different records |
| budget | an estimate of income and expenditure for a set period of time |
| checking account | This is the official amount of the check. |
| check register | check register or checkbook register is a document, usually part of the general ledger, used to record financial transactions in cash |
| cleared check | A check has cleared once the amount of the check has been debited from the check writer's bank account and credited to the check recipient's 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 payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later |
| direct deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| endorse | to sign a check |
| expense | the cost required for something; the money spent on something |
| FDIC | Federal Deposit Insurance Corporation |
| 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 |
| financial security | Financial security is about having enough money to absorb financial shocks, reach your savings goals, and make choices that allow you to enjoy your life. |
| fixed expense | Fixed expenses are any budget items where the amount doesn’t vary much. |
| 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| loan overdraft | when something is withdrawn that exceeds the amount in the account |
| memo | a written message, especially in business |
| needs | of necessity. |
| non-sufficient funds | not enough funds in a bank account |
| online banking | the ability to access your bank anywhere with having to actually go there |
| payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable |
| payer | person or organization that gives money which is due for work done, goods received |
| reconcile | Reconciliation is an accounting procedure that compares two sets of records to check that the figures are correct and in agreement. |
| savings | the money one has saved |
| variable expenses | Variable expenses are costs that change over time, such as groceries or movie tickets. |
| wants | have a desire to possess or do |
| withdrawal | an act of taking money out of an account. |
Created by:
dylanfranklin101107
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