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budget and banking
| Term | Definition |
|---|---|
| ATM | a self-service electronic device for banking like cash withdrawal, deposits, and balance checks |
| account balance | net amount of money in a financial account (checking, savings, credit, etc.) at a specific time, calculated by adding deposits/credits and subtracting withdrawals/debits |
| bank reconciliation | accounting process of comparing a company's internal cash records (cash book/general ledger) with its bank statements to identify |
| 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 | record of all transactions for a bank account, including checks, deposits, and other debits and credits |
| cleared check | money has been transferred from the payer's bank account to the payee's bank account, and the funds are considered final and available |
| 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, acting like an electronic check or ATM card for purchases and cash withdrawals without incurring debt or interest |
| deposit | sum of money placed or kept in a bank account, usually to gain interest. |
| direct deposit | the electronic transfer of funds directly from a payer (like an employer or government) into a recipient's bank account (checking or savings) |
| endorse | sign the back of a financial document (like a check or note) to transfer ownership, authorize payment, or guarantee it, making it valid or cashable |
| expense | the cost or money spent to acquire something, pay for a service, or run operations |
| FDIC | U.S. government agency that insures bank deposits, supervises financial institutions, and manages bank failures to ensure stability and confidence in the financial system |
| fees | a payment for services, privileges, or professional work |
| financial literacy | knowledge, skills, and confidence to make informed and effective decisions about your money, covering budgeting, saving, managing debt, understanding credit, investing, and planning for the future |
| financial security | state of having sufficient income, savings, and resources to comfortably meet your current living expenses |
| fixed expense | regular, predictable cost that stays the same amount each payment period (like monthly), regardless of changes in usage or output |
| income | money or economic benefit an individual or entity receives over a period, typically from work (wages, salary, profits) or investments |
| interest | the cost of borrowing money or the return on lending/saving it, calculated as a percentage (rate) of the principal amount |
| loan overdraft | flexible, pre-approved borrowing limit linked to your checking account, allowing you to withdraw more money than you have to cover transactions, preventing bounces and fees |
| memo | a written message within a business or organization |
| needs | expenses essential for survival and basic functioning |
| non-sufficient funds (NSF) | you tried to spend or withdraw more money than you have in your bank account, causing a transaction (like a check, debit, or payment) to be declined and often triggering hefty bank fees |
| online banking | system that allows customers to conduct financial transactions and manage their bank accounts via the internet |
| 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 | process of comparing two sets of financial records (internal and external) to ensure they match, verifying accuracy, and identifying discrepancies like errors or fraud |
| savings | portion of your income that you do not spend on current expenses but instead set aside for future use |
| variable expense | cost that changes in amount and frequency, unlike fixed costs (like rent), fluctuating with usage |
| wants | non-essential, discretionary expenses for comfort, enjoyment, or luxury that aren't vital for survival |
| withdrawal | an act of taking money out of an account. |
Created by:
mazzarella26