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Budget and Banking
| Term | Definition |
|---|---|
| ATM | an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller |
| Account Balance | the total amount of money available in a financial account or the net amount owed, reflecting the difference between debits and credits |
| Bank Reconciliation | the process of matching a company's financial records with its bank statement to ensure that the balances and transactions align |
| Budget | a plan to show how much money a person or organization will earn and how much they will need or be able to spend |
| Checking Account | a bank account that you can take money from at any time and that usually earns little or no interest |
| Check Register | a tool used to record and track all transactions in a checking account, helping you maintain accurate balances and manage finances |
| Cleared Check | one that has successfully completed the banking process, with funds transferred from the check writer’s account to the recipient’s account |
| Credit Union | an organization that lends money to its members at low rates of interest |
| Debit Card | a small plastic card that can be used as a method of payment, the money being taken from your bank account automatically |
| Deposit | to put something valuable, especially money, in a bank or safe |
| Direct Deposit | an arrangement in which money is moved electronically into a bank account |
| Endorse | to sign the statement of your approval or support for something or someone |
| Expense | something that makes you spend money |
| FDIC | a government organization in the US that protects the money people put in a bank if the bank goes out of business |
| Fees | an amount of money paid for a particular piece of work or for a particular right or service |
| Financial Literacy | the ability to understand basic principles of business and finance |
| Financial Security | the state of being able to afford your expenses and live comfortably on your incom |
| Fixed Expense | Elements of a personal or family budget usually include, fixed expenses, monthly payments, insurance, entertainment, and savings |
| Income | money that is earned from doing work or received from investments |
| Interest | money that is charged by a bank or other financial organization for borrowing money |
| Loan Overdraft | a type of loan arrangement that allows you to withdraw or use more money than you have in your bank account |
| Memo | a message or other information in writing sent by one person or department to another in the same business organization |
| Needs | the things you must have for a satisfactory life |
| Non-sufficient funds (NSF) | used to show that an account does not have enough money in it to pay a cheque that has been written, a direct debit |
| Online Banking | the process or activity of managing bank accounts or operating as a bank over the internet |
| Payee | a person who money is paid to or should be paid to |
| Payer | a person who usually pays on time/late |
| Reconcile | to compare different financial accounts, amounts, |
| Savings | the money you keep, esp. in a bank or other financial organization |
| Variable Expenses | costs that fluctuate based on usage, production, or consumption, unlike fixed expenses which remain constant |
| Wants | something we're not really need but interest with that |
| Withdrawal | when you take money out of a bank account |
Created by:
etampubolon260