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Budget and Banking
-- Finance
| Term | Definition |
|---|---|
| ATM | a self-service electronic device for banking, letting users withdraw cash, check balances, and deposit funds without a human teller |
| Account balance | the total amount of money in your account at any given moment, including recent transactions that haven't finished processing yet. |
| Bank reconciliation | the process of comparing an entity's internal cash records with its bank statement to ensure they are in agreement |
| 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 | the journal that records all the checks, cash and cash outlay during an accounting period |
| Cleared check | means the funds have been transferred from the payer's bank account to the payee's bank account, and the money is now available for the payee to use |
| 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 | 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 | Federal Deposit Insurance Corporation, is an independent U.S. government agency that insures bank deposits (like checking, savings, CDs) up to $250,000 per depositor |
| Fees | A payment made to a professional person or to a professional or public body in exchange for advice or services. |
| Financial literacy | the knowledge, skills, and confidence to make informed and effective decisions about your money |
| Financial security | managing your money effectively to ensure that your future is financially stable |
| Fixed expense | a cost that remains the same each period, making it predictable and easy to budget for |
| 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 flexible, short-term credit line from a bank that lets you spend more money than you have in your account, covering transactions when funds are insufficient. It acts like a temporary loan. |
| Memo | a written message within a business or organization. |
| Needs | of necessity. |
| Non-sufficient funds (NSF) | means there isn't enough money in a bank account to cover a transaction, causing the financial institution to decline the payment |
| Online banking | a digital service that lets you manage your bank accounts securely through a website or mobile app instead of visiting a branch. |
| Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Payer | a person or organization that gives money which is due for work done, goods received, or a debt incurred. |
| 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 | a cost that changes in total amount from period to period, |
| Wants | desires for goods, services, and experiences that provide satisfaction but are not essential for survival |
| Withdrawal | the act of removing money from a financial account. |
Created by:
Helll