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Budget and Banking
| Term | Definition |
|---|---|
| Atm | Automated Teller Machine, a self-service device for banking transactions like cash withdrawals, deposits, and transfers, available 24/7 |
| Account Balance | To balance an account means to reconcile your records with the bank's, ensuring all deposits, withdrawals, and fees match to find your true available funds |
| Bank Reconciliation | Bank reconciliation is the process of comparing a company's cash records (books) with its bank statement to ensure the balances match, identifying discrepancies |
| Budget | an estimate of income and expenditure for a set period of time |
| Checking Account | A checking account is a transactional bank account designed for managing your everyday finances, such as paying bills, making purchases, and receiving income. It provides easy access to your funds |
| Check Register | A check register is a booklet or ledger for manually tracking all your bank transactions (deposits, withdrawals, checks, debit card use) to monitor your balance, budget, catch errors/fraud, and prevent overdrafts |
| Cleared Check | Check cleared" means the funds from a deposited check have successfully moved from the payer's bank to your bank, making the money available for use, a process that usually takes up to two business days but can vary |
| 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 | Putting money into a bank account |
| Direct Deposit | Direct deposit is an electronic payment method that transfers funds directly into a bank account, eliminating the need for physical checks. It is widely used for recurring payments like salaries, government benefits, and tax refunds |
| Endorse | To endorse means to sign the back of a document (like a check) to transfer or validate it, or more broadly, to publicly support or recommend a person, product, or idea, signifying agreement and approval, making it officially binding or publicly known |
| Expense | An expense is an outflow of money or resources (like time) to acquire goods, services, or benefits, acting as a cost for individuals (rent, groceries) or businesses |
| FDIC | The FDIC (Federal Deposit Insurance Corporation) is an independent U.S. government agency that insures deposits in banks and thrift institutions, supervises financial institutions for safety, and manages the resolution |
| Fees | Like when you deposit money from another atm that isn’t at your bank |
| Financial Literacy | Financial literacy is the ability to understand and effectively apply a variety of financial skills—including personal financial management, budgeting, saving, and investing |
| Financial Security | Financial security is the peace of mind and confidence you have from possessing enough financial resources, such as savings, investments, and insurance, to cover your current expenses, |
| Fixed Expense | Predictable cost that stays the same each month |
| Income | Payment that you get paid from your job or doing something for someone |
| Interest | the cost of borrowing money or the return on lending/investing it, calculated as a percentage (interest rate) of the principal amount |
| Loan overdraft | An overdraft occurs when you withdraw more money from your bank account than your available balance. The bank may cover the transaction, essentially providing a short-term loan, and usually charges a fee and interest on the overdrawn amount. |
| Memo | a written message within a business or organization. |
| Needs | Like food, water, and shelter |
| Non-sufficient funds (NFS) | Non-Sufficient Funds (NSF) means there isn't enough money in a bank account to cover a transaction, causing the bank to decline the payment (like a bounced check or failed bill payment) and often charge the account holder a fee |
| Online Banking | Online banking (also known as internet, digital, or web banking) is a system that allows customers of a bank or other financial institution to perform a wide range of financial transactions |
| Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Payer | a person or organization that gives money which is due for work done, goods received, or a debt incurred. |
| Reconcile | to restore friendly relations after a disagreement, to find a way for opposing ideas or facts to coexist, or to make financial accounts consistent |
| Savings | Money or other things that you save up |
| Variable Expenses | costs on like clothes, cars, houses,,,,,,,,,,,,,,,,new computers |
| Wants | like new shoes a new phone a new computer |
| Withdrawl | taking money out of your bank account |
Created by:
lsnow27
Popular Family and Consumer sets