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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine |
| Account Balance | current value of a financial account |
| Bank Reconciliation | the process of comparing a company's bank account balance to the balance on its accounting records |
| Budget | an estimate of income and expenditure for a set period of time |
| Checking Account | a type of bank account that allows you to withdraw or deposit, use a check register, and preform electronic transfers |
| Check Register | cash disbursements journal |
| Cleared Check | a check that was cleared into the recipients account |
| Credit Union | member-owned financial cooperative |
| 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 |
| Direct Deposit | deposit of funds electronically into a bank account |
| Endorse | to write on the back of a check |
| Expense | 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 | ability to understand and effectively use various financial skills |
| Financial Security | The ability to cover day-to-day expenses and afford a financially independent lifestyle |
| Fixed Expense | is a cost that remains constant and does not change regardless of business activity or personal budgeting |
| Income | money received for work or through investments |
| Interest | money paid regularly at a particular rate for the use of money lent |
| Loan Overdraft | is a short-term loan that allows bank customers to withdraw money from their account even if their balance is zero |
| Memo | a written message within a business or organization |
| Needs | require (something) because it is essential or very important |
| Non-sufficient funds (NSF) | status of a checking account that does not have enough money to cover all transactions |
| Online Banking | Electronic payment system |
| Payee | A person or entity that receives payment in a financial transaction |
| Payer | a person or organization that gives money which is due for work done |
| Reconcile | make (one account) consistent with another |
| Savings | an economy of or reduction in money, time, or another resource |
| Variable Expenses | are costs that change in portion to how much a company sells, vary depending on the volume of goods |
| Wants | have a desire to possess |
| Withdrawal | an act of taking money out of an account |
Created by:
notbrian
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