Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automated Teller Machine |
| Account Balance | Total amount of money in a financial account. |
| Bank Reconciliation | The process of matching a company's internal cash records (general ledger) with its bank statement to ensure they align, typically performed monthly to verify accuracy |
| Budget | Simple financial plan that tracks your income (money coming in) and expenses (money going out) over a specific time, like a month, to help you manage spending, save for goals, and ensure you don't run out of money. |
| Checking Account | A checking account is a highly liquid, "demand" deposit account designed for frequent, day-to-day transactions, allowing for easy deposits, withdrawals, and payments via debit card, ATM, or checks. |
| Check Register | A check register is a personal, portable ledger used to manually record all bank account transactions—checks, deposits, and debit card purchases—to track balances, avoid overdrafts, and monitor spending. |
| Cleared Check | Funds have officially transferred from the payer’s account to the payee's account, finalizing the payment process. |
| Credit Union | a member-owned, not-for-profit financial cooperative that offers banking services like savings, loans, and checking accounts, but unlike banks, its profits are returned to members through lower fees, better interest rates, and enhanced service. |
| Debit Card | A bank-issued payment card directly linked to a checking account, allowing users to make electronic, in-person, or online purchases and ATM withdrawals without incurring interest. |
| Deposit | The placement of money into a bank account for safekeeping, interest accumulation, or as security for a transaction. |
| Direct Deposit | A secure, electronic transfer of funds—such as paychecks, tax refunds, or government benefits—directly into a checking or savings account. |
| Endorse | To sign on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it. |
| Expense | An expense is the cost incurred by an individual or business to generate revenue or maintain operations, representing an outflow of cash or assets. |
| FDIC | Federal Deposit Insurance Corporation. |
| Fees | A fee is a payment for a specific service, privilege, or product, acting as remuneration for professionals, access or usage. |
| Financial Literacy | The ability to understand and effectively apply essential money management skills—such as budgeting, saving, investing, and debt management—to make informed, confident financial decisions. |
| Financial Security | Financial security is a state of well-being where individuals can comfortably cover current expenses, manage debt, and save for the future, including emergencies and retirement, without significant stress. |
| Fixed Expense | Consistent, recurring costs that remain the same in amount and frequency—typically monthly or annually—regardless of changes in production, sales, or usage. |
| Income | The money, goods, or services received by individuals or businesses in exchange for labor, services, or capital investment within a specific period. |
| Interest | the cost of borrowing money or the reward for saving, typically expressed as an annual percentage rate (APR) of the principal amount. |
| Loan Overdraft | A flexible, short-term loan linked to your checking account that automatically covers transactions when your balance falls short, preventing bounced checks or denied debit card transactions. |
| Memo | Is a brief, internal document used for official communication within an organization, sharing timely information, announcements, policy changes, meeting agendas, or requests for action. |
| Needs | Are essential requirements for survival, stability, and well-being. |
| Non-Sufficient Funds | A checking account lacks enough money to cover a presented check, debit card transaction, or transfer, leading the bank to decline the payment. |
| Online Banking | A service enabling bank customers to manage accounts, transfer funds, pay bills, and view transactions securely via a website or mobile app. |
| Payee | A person being paid by another. |
| Payer | A person who pays another person. |
| Reconcile | To restore friendly relations, settle differences, or make two seemingly contradictory ideas, facts, or financial accounts consistent with each other. |
| Savings | An income not spent, or deferred consumption. In economics, a broader definition is any income not used for immediate consumption. |
| Variable Expenses | Costs that fluctuate in amount based on usage, consumption, or production levels, making them less predictable than fixed expenses. |
| Wants | Things people desire or would like to have to improve their quality of life but are not essential for survival. |
| Withdrawl | The act of taking something back, removing it, or ending involvement. |
Created by:
Aconti28
Popular Finance sets