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Budget and Banking
| Question | Answer |
|---|---|
| ATM | (Automated Teller Machine) a self service device for banking |
| Account Balance | The total money in a financial account |
| Bank Reconciliation | A summary of recent banking activity |
| Budget | financial plan that tracks your income versus your spending and savings over a specific period |
| Checking Account | transactional bank account used for everyday financial activities |
| Check Register | a personal or business record to track all money in (deposits, credits) and money out (checks, debit card use, fees) to maintain an accurate bank balance |
| Cleared Check | money has been successfully transferred from the check writer's bank account to your bank account |
| 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 of money placed or kept in a bank account, usually to gain interest. |
| Direct Deposit | an electronic payment method where funds are deposited directly into a bank account |
| Endorse | to publicly show support or approval for it, often lending your credibility, or to sign the back of a document (like a check) to make it valid or transferable |
| Expense | the cost required for something; the money spent on something. |
| FDIC | U.S. government agency that insures your bank deposits |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services. |
| Financial Literacy | the understanding that includes how to earn, manage, and invest money |
| Financial Security | having enough money to comfortably cover your needs, handle unexpected emergencies, and reach your long-term goals |
| Fixed Expense | an expense whose total amount does not change when there is an increase in an activity such as sales or production. |
| 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 | loan provided by a bank that allows a customer to pay for bills and other expenses |
| Memo | a written message within a business or organization |
| Needs | a want for something |
| Non-Sufficient funds (NSF) | you don't have enough money in your bank account to cover a transaction, causing the bank to reject the payment |
| Online Banking | managing your bank accounts and performing financial tasks over the internet using a computer or phone, without visiting a physical branch |
| Payee | the person, business, or entity to whom money is paid or is to be paid, the recipient of funds in a transaction, identified on checks or as the receiver in electronic transfers |
| Payer | the organization |
| Reconcile | make (one account) consistent with another, especially by allowing for transactions begun but not yet completed. |
| Savings | your income left over after you pay for your expenses, which you set aside for future use, like emergencies, big purchases, or retirement, |
| Variable Expenses | those that change in cost and occurrence |
| Wants | to be needy or destitute |
| Withdrawel | to have money taken from a bank account |
Created by:
Gjimenez27
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