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Budget and Banking
| Term | Definition |
|---|---|
| ATM | allows bank customers to perform transactions like cash withdrawals, deposits, and account inquiries without visiting a bank branch. |
| Account Balance | is the amount of money currently available in a bank account, including all deposits minus withdrawals and pending transactions. |
| Bank Reconciliation | the process of comparing your own records (check register) with your bank statement to ensure they match and identify discrepancies. |
| Budget | a financial plan outlining expected income and expenses over a specific period to manage money effectively. |
| Checking Account | a type of bank account used for day-to-day transactions, such as paying bills, making purchases, and withdrawing cash. |
| Check Register | a record maintained by an account holder to track deposits, withdrawals, and issued checks. |
| Cleared Check | a check that has been processed by the bank and deducted from the payer's account while credited to the payee’s account. |
| Credit Union | a member-owned financial cooperative that offers banking services, often with lower fees and better rates than traditional banks. |
| Debit Card | allows you to make purchases or withdrawals directly from your checking account without borrowing money. |
| Deposit | money placed into a bank account, either in cash, by check, or electronically. |
| Direct Deposit | the electronic transfer of funds, commonly used for paychecks or government benefits, directly into an account |
| Endorse | a check means signing it on the back to authorize deposit or cashing by the recipient |
| Expense | money spent on goods or services |
| FDIC | insures deposits in participating banks, protecting account holders up to a specified limit if a bank fails. |
| Fees | charges imposed by a financial institution for services such as maintenance, overdrafts, or ATM usage. |
| Financial Literacy | the knowledge and ability to manage personal finances, including saving, investing, and budgeting. |
| Financial Security | the state of having stable income or assets to cover living expenses and emergencies. |
| Fixed Expense | a regular, predictable cost, such as rent or car payments. |
| Income | money received, usually from work, investments, or other sources. |
| Interest | the fee paid by a borrower for using another’s money or earned by saving/investing money in a bank. |
| Loan Overdraft | occurs when withdrawals exceed the account balance and the bank covers the deficit, often with fees or interest. |
| Memo | refers to a brief note or description on a check or deposit transaction to indicate its purpose. |
| Needs | essential expenses required for basic living, such as food, shelter, utilities, and healthcare. |
| Non-sufficient funds (NSF) | refers to when an account lacks the necessary funds to cover a check or transaction, often triggering fees. |
| Online Banking | a digital platform allowing customers to view balances, make transfers, pay bills, and manage accounts via the internet. |
| Payee | is the person or entity receiving payment. |
| Payer | the person or entity sending payment. |
| Reconcile | to match your records with the bank statement to verify all transactions are correct. |
| Savings | a bank account designed for storing money and earning interest, often less accessible for daily spending than a checking account. |
| Variable Expenses | costs that fluctuate, such as groceries, entertainment, or utilities. |
| Wants | non-essential items or services that improve quality of life, distinct from needs. |
| Withdrawal | the removal of money from a bank account, either as cash or digital transfer. |
Created by:
etampubolon260