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Budget and Banking
| Term | Definition |
|---|---|
| ATM | ATM most commonly means Automated Teller Machine, an electronic device for banking transactions |
| Account Balance | An account balance is the total money in a financial account at a specific time |
| Bank Reconciliation | Bank reconciliation is the accounting process of comparing a company's internal cash records with its bank statement to identify and explain any differences |
| Budget | A budget is an estimate of income and expenditure for a set period of time. |
| Checking Account | A checking account is a bank account for daily transactions, offering easy access to funds for spending |
| Check Register | A document that keeps track of bank transactions |
| Cleared Check | checks which have been successfully processed |
| Credit Union | An organization that loans money |
| Debit Card | A card for purchases that takes money from a checking account |
| Deposit | Putting money into an account |
| Direct Deposit | Putting money directly into an account from an employer |
| Endorse | to endorse a check is to sign the back of it, authorizing the bank to process, deposit, or cash the item. |
| Expense | A cost for goods or services |
| FDIC | Insures money from a bank |
| Fees | Added expenses on a service |
| Financial Literacy | Being knowledgeable about finance |
| Financial Security | Having enough money to cover expenses in case of an emergency |
| Fixed Expense | Expenses that stay the same |
| Income | Money that is earned by working |
| Interest | Money that is given for your money being used |
| Loan Overdraft | A loan with a pre approved limit |
| Memo | a temporary, pending transaction or a notice of adjustment applied to an account before it is officially cleared. |
| Needs | Items or services that are required |
| Non-Sufficient Funds (NSF) | When there is not enough money in an account to pay for something |
| Online Banking | Banking services that are available online |
| Payee | Someone who receives money |
| Payer | Someone who gives money to a person |
| Reconcile | comparing a company’s internal financial records (cash book) with its bank statement to ensure they match. |
| Savings | Money that is put away to be used at a later date |
| Variable Expenses | Expenses that do not remain the same |
| Wants | Items that are desired but not needed |
| Withdrawal | Taking money out of an account |
Created by:
ncross26