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Budget and Banking
| Term | Definition |
|---|---|
| Cleared Check | Funds are officially in your account, and you can use them freely |
| Check Register | Personal log for tracking all your checking account transactions to maintain an accurate balance |
| Checking account | account for daily transactions |
| Budget | Forward looking financial plan that estimates future income, expenses, savings and debt payments for individuals or organizations |
| Bank Reconciliation | Process of comparing a company’s internal cash records |
| Account Balance | Total funds in an account at a specific time |
| ATM | Automated Teller Machine - self service electronic device allowing customers to perform financial transactions like cash withdrawals |
| Credit Union | Member owned financial cooperative that provides banking services like loans and saving accounts |
| Debit Card | Payment card linked to checking account |
| Deposit | Putting money into a bank account |
| Direct Deposit | Electronic transfer of funds |
| Endorse | Signing the back of a check or other negotiable instrument |
| Expense | any cost a bank incurs to run its operations or provide services |
| FDIC | (Federal Deposit Insurance Corporation) U.S government agency that insures depositors funds up to $250,000 |
| Fees | Charges for specific services, transactions or penalties that financial institutions impose on customers, covering costs for account maintenance |
| Financial Literacy | The ability to understand and effectively use financial concepts like budgeting, saving, managing credit/debt, and investing to make informed decisions |
| Financial Security | Having sufficient stable income and assets to cover living expenses, meet obligations, and handle emergencies, and providing peace of mind financially |
| Fixed Expenses | Predicable, recurring costs that stay roughly the same amount each payment period |
| Income | Any form of money or monetary value received by an individual or entity |
| Interest | Cost of borrowing money or the return earned on savings |
| Loan Overdraft | Occurs when you spend more money than you have in your account, and the bank covers the transaction, treating the overdrawn amount as a temporary short-term loan |
| Memo | Temporary pending transaction |
| Needs | Essential expenses for survival and functionality, like housing, food, utilities, basic transportation, and healthcare |
| Non-sufficient funds (NSF) | Account lacks enough money to cover a transaction, causing the bank to reject the payment and charge the account holder |
| Online Banking | A system allowing customers to manage accounts and conduct transactions over the internet via a banks secure website or app |
| Payee | A person whom money is paid or is to be paid, especially the person or whom a check is made payable |
| Payer | The individual, company, or entity that initiates and makes a payment to another party (the payee) in exchange for goods, services, or to fulfill a financial obligation, such as paying a bill, interest, or taxes |
| Reconcile | To compare and match your internal financial records with your bank's statement to ensure they agree, identifying and correcting any differences for accuracy, fraud detection, and proper cash management. |
| Savings | Refers to money set aside from income that isn't spent on immediate needs |
| Variable Expenses | Costs that change from month to month |
| Wants | Non- essential expenses for comfort, enjoyment or luxury that aren’t required for basic survival |
| Withdraw | Act of taking money out of a financial account, like a checking, savings, or retirement account |
Created by:
iveceresaletta27
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