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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Is an electronical banking outlet that allows customers to preform basic financial transactions without the assistance of a bank teller. |
| Account Balance | The total money in a financial account at a specific time, calculated as the net difference between all deposits credits and withdrawals. reflecting its current monetary value. |
| Bank Reconciliation | Is the accounting process of comparing a company's internal cash records with its bank statements to identify and resolve discrepancies, ensuring accuracy, detecting fraud, and verifying the true cash position |
| Budget | A spending plan that tracks your income and expenses to help you manage money |
| Checking Account | A bank account into which you deposit funds that you can use to pay bills, make purchases and carry out other tasks |
| Check Register | The journal that records all the checks, cash and cash outlay during an accounting period |
| Cleared Check | Means that the bank has successfully processed a deposited check, verifying the writers funds, moving the money from the payers account the the recipients, and marking the check as cancelled |
| Credit Union | Is a member-owned, not-for-profit financial cooperative that offers banking services like loans and savings accounts, but unlike banks, profits are returned to members through lower loan rates, higher savings yields, and fewer fees |
| Debit Card | Is a payment card that directly deducts funds from your checking account for purchases or ATM withdrawals, acting as an electronic check or cash substitute, unlike a credit card that borrows money |
| Deposit | Putting money, goods, or substances somewhere for safekeeping, as security, or as a partial payment, like putting cash in a bank, paying a security deposit for a rental, or a layer of silt left by a river |
| Direct Deposit | Is a secure, electronic way to move money straight into your bank account, skipping paper checks; it's used for paychecks, government benefits (like Social Security), or tax refunds, making funds available faster and more convenient |
| Endorse | To publicly support, approve, or recommend someone or something, like a candidate or product, often lending your credibility to it; it also means signing the back of a check to transfer it |
| Expense | Is money or resources spent to get something, like paying for supplies, rent, or salaries to run a business, or buying a coffee |
| FDIC | (Federal Deposit Insurance Corporation) Is a U.S. government agency that insures your bank deposits (like checking, savings, CDs) up to $250,000 per person, per insured bank, for each account type, so you don't lose your money if your 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 | Is simply the knowledge and skill to understand and effectively manage your money, covering budgeting, saving, investing, and debt, to make informed decisions for financial stability and reaching life goals like buying a home or saving for retirement |
| Financial Security | Means having enough money to cover your needs, wants, and future goals (like retirement), with a safety net for unexpected hardships, allowing you to live comfortably without constant money worries |
| Fixed Expense | Is a predictable cost that stays the same amount over time, like rent, car payments, or insurance, making it easy to budget for because it doesn't change with your activity level |
| Income | The money or value an individual or business receives over a period, from sources like a job (salary, wages), selling goods/services, investments (dividends, interest), or renting property, representing what "comes in" before expenses are paid |
| Interest | The basic fee for borrowing or lending money, calculated as a fixed percentage only on the original amount (principal) over a specific time |
| Loan Overdraft | Is when a bank lets you spend more money than you have in your checking account, creating a negative balance, essentially a short-term loan you must repay, usually with high interest and fees, allowing transactions to go through instead of being rejected |
| Memo | A brief, internal document used within an organization to quickly share important information, updates, policies, or requests with colleagues, making it efficient for business communication |
| Needs | Something essential you must have to live, succeed, or be happy (like food, water, or shelter) or a requirement/obligation to do something, a lack of something necessary, or an urgent want |
| Non-Sufficient funds | Is a banking term meaning there isn't enough money in an account to cover a transaction, like a check or debit card payment, causing the bank to decline it and often charge the account holder an NSF fee |
| Online Banking | Is managing your bank accounts and performing financial transactions (like checking balances, paying bills, transferring money) over the internet through a bank's website or app, offering 24/7 access without needing to visit a physical branch |
| Payee | The person, company, or entity to whom money is paid or is to be paid, essentially the recipient of funds in a financial transaction |
| Payer | The person, company, or entity that makes a payment, covers a bill, or settles a financial obligation, while the one receiving the money is the payee |
| Reconcile | To make different things agree or become friendly again, like settling a fight between friends, making conflicting ideas work together |
| Savings | The money one has saved, especially through a bank or investment plan |
| Variable Expenses | Is a cost that fluctuates in amount or frequency over time. Unlike fixed expenses, which remain constant |
| Wants | To feel a need or a desire for; wish for |
| Withdrawal | An act of taking money out of an account |
Created by:
dbaker26
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