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Budget and Banking
Budgetin and Banking
| Term | Definition |
|---|---|
| ATM | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card. |
| Account Balance | the total amount of money held in a financial account at a specific time |
| Bank Reconciliation | an accounting process in which a company's records are reconciled with its bank statements to make sure that the balances match |
| 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 | a personal financial log used to track all checking account activity |
| Cleared Check | the money from a deposited check has successfully moved from the payer's bank account to the recipient's bank account, making the funds available for use |
| Credit Union | a member-owned, not-for-profit financial cooperative that provides banking services like loans, checking, and savings accounts |
| 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 | the electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | declare one's public approval or support of. |
| 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 to maintain stability in the financial system |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | an ability to effectively manage the economic well-being of individuals with knowledge and financial skills |
| Financial Security | confident in your finances for immediate needs and the short-term future |
| Fixed Expenses | A fixed expense is a cost that remains consistent and predictable over time |
| Income | money received, especially on a regular basis, for work or through investments. |
| Interest | the fee for borrowing money or the return for lending it, calculated as a percentage of the principal; and generally, it's a feeling of wanting to know or learn about something, or something that captures your attention |
| Loan Overdraft | a flexible, short-term credit facility allowing you to withdraw more money than you have in your bank account |
| Memo | a brief, formal internal document used in professional settings like businesses or schools to communicate important information, requests, or updates to a group or entire organization |
| Needs | of necessity |
| Non-sufficient funds (NSF) | you don't have enough money in your bank account to cover a transaction, like a check or debit card payment, causing the bank to decline it and often charge you a fee. |
| Online Banking | also called internet or digital banking, lets you manage your bank accounts and perform transactions over the internet via a computer or mobile device, without visiting a physical 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 | an entity (person or organization) that makes a payment to another entity. The term has specific applications depending on the context |
| Reconcile | restore friendly relations between. |
| Savings | the money one has saved, especially through a bank or investment plan. |
| Variable Expenses | costs that change in total amount depending on the level of activity, usage, or production |
| Wants | have a desire to possess or do (something); wish for. |
| Withdrawal | the action of withdrawing something. |
Created by:
zwestbrook27
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