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Budget & Banking
Vocabulary
| Question | Answer |
|---|---|
| ATM | a computerized electronic machine that performs basic banking functions. |
| Account Balance | the total amount of money in a financial account at a given time. |
| Bank Reconciliation | a process that compares a company's financial records to its bank statements to ensure the balances match. |
| Budget | an estimate of income and expenditure for a set period of time. |
| Checking Account | a deposit account that allows you to deposit, withdraw, and transfer money. |
| Check Register | a record of all the transactions made to a checking account. |
| Cleared Check | a check that has been cashed and the funds have been transferred to the recipient's account. |
| Credit Union | a financial cooperative that is owned and run by its members. |
| 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 | a way to electronically transfer money from one account to another. |
| 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 banks and savings associations |
| 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 use financial skills to make informed decisions about money. |
| Financial Security | the ability to cover your monthly expenses, save for the future, and recover from financial setbacks. |
| Fixed Expense | a cost that remains the same over time, regardless of how much a business produces or sells. |
| 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 | a loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero. |
| Memo | a written message to someone within a company or organization |
| Needs | something that you can't be okay without. |
| Non-sufficient funds (NSF) | 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 using a computer or mobile device and an internet connection. |
| Payee | a party in an exchange of goods or services who receives payment. |
| Payer | an individual or organization that makes payments. |
| Reconcile | the process of comparing two sets of financial data to ensure they are accurate and consistent. |
| Savings | the portion of income not spent on current expenditures. |
| Variable Expenses | costs that change in relation to the level of production or sales. |
| Wants | expenses that are not necessary for basic living, but are desired for enjoyment or lifestyle. |
| Withdrawal | the act of taking money out of a financial account, such as a bank account, retirement account, or investment account. |
Created by:
gdelong267