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Budget and Banking
| Term | Definition |
|---|---|
| ATM | a computerized device that allows customers to conduct banking transactions without a teller |
| Account Balance | total amount of money in a financial account at a specific time, including all debits and credits |
| bank reconciliation | a process that compares a company's financial records with its bank statements to ensure the accuracy of its financial records |
| 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 record of all transactions made in a checking account, including checks, cash, and other debits and credits |
| cleared check | a check that has been cashed and is no longer outstanding. The process of check clearing involves |
| 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 | the electronic transfer of a payment directly from the account of the payer to the recipient's account |
| 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 | an independent agency of the United States government that insures deposits in U.S. banks and thrifts |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| financial literacy | the ability to understand and use financial information and skills to make informed decisions about money |
| financial security | the ability to cover your monthly expenses, recover from financial setbacks, and save for the future. |
| fixed expense | a cost that remains the same or very close to the same from month to month |
| 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 |
| load overdraft | a type of loan that allows a person to withdraw more money from their account than they have on deposit |
| memo | a written message, especially in business |
| needs | of necessity |
| non-sufficient funds | the status of a checking account that does not have enough money to cover all transactions |
| online banking | a service that allows customers to manage their bank accounts electronically using a computer or mobile device |
| payee | a person/group in an exchange of goods or services who receives payment |
| payer | one that pays. especially : the person by whom a bill or note has been or should be paid |
| reconcile | 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 | costs that change in relation to a person's or business's level of activity or spending |
| wants | have a desire to possess or do (something); wish for |
| withdrawal | an act of taking money out of an account |
Created by:
lparsell27
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