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budget and banking
| Term | Definition |
|---|---|
| ATM | Automated Teller Machine, an electronic device letting bank customers perform transactions (withdraw cash, deposit, check balance, transfer funds) without a human teller |
| Account balance | the net amount of money in a financial account at a specific time, calculated as the total credits (deposits, incoming funds) minus total debits (withdrawals, payments, fees) |
| bank reconciliation | the accounting process of comparing a company's internal cash records with its bank statement to identify and resolve discrepancies, ensuring accuracy, detecting fraud, and verifying the true cash balance |
| budget | an estimate of income and expenditure for a set period of time. |
| checkings account | s a bank account for daily transactions, offering easy access to your money for spending, paying bills, and depositing paychecks via debit cards, checks, ATMs, and electronic transfers |
| check register | a personal financial log, typically a booklet, used to manually track all checking account transactions (deposits, withdrawals, checks written, fees) to maintain an accurate, real-time balance, helping to prevent overspending |
| credit union | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| debit card | a payment card linked directly to your checking account, allowing you to spend your own money immediately for purchases or ATM withdrawals |
| deposit | a sum of money placed or kept in a bank account, usually to gain interest. |
| direct deposit | the electronic transfer of funds, like paychecks or benefits, directly from a payer's bank to a recipient's bank account, bypassing paper checks for faster, safer, and automatic deposits. |
| 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, per institution, per ownership category, protecting customers if an insured bank fails. |
| 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 effectively use various financial skills, like budgeting, saving, managing debt, and investing, to make informed decisions that improve your financial well-being and stability. |
| financial security | the state of having sufficient resources and income to comfortably meet your expenses, handle emergencies, and confidently plan for the future, providing peace of mind and freedom from money-related stress. |
| fixed expense | a cost that remains consistent and predictable over time, typically from month to month, such as rent, mortgage payments, or loan installments |
| 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 short-term credit facility allowing you to withdraw more money than you have in your bank account, creating a negative balance (a "loan") that you must repay, usually with interest and fees |
| memo | a written message within a business or organization |
| needs | the minimum amount that an individual requires to pay for the necessary expenses that help them maintain a basic standard of living |
| non sufficient funds | the status of a checking account that does not have enough money to cover a transaction. |
| online banking | is an internet-based electronic banking service that allows customers to manage their finances securely through a website or mobile app. |
| payee | a person to whom money is paid or is to be paid, especially the person to whom a cheque is made payable. |
| payer | a person or organization that gives money which is due for work done, goods received, or a debt incurred |
| reconcile | the process of comparing two sets of financial records to ensure their accuracy and consistency. |
| savings | the portion of disposable income that is not spent on immediate consumption but is set aside for future use |
| variable expensive | a type of expense that changes in direct proportion to a company’s level of production or sales volume. |
| wants | refer to items or experiences that are not essential for survival but enhance comfort and quality of life. |
| withdrawal | when funds are removed from an account. |
Created by:
ccarver26