Budget and Banking
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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ATM | an electronic banking machine that dispenses cash, accepts deposits, and performs other services when a customer inserts a plastic card and pushes the proper coded buttons.
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Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment.
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Budget | an estimate, often itemized, of expected income and expense for a given period in the future.
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Checking Account | a bank deposit against which checks can be drawn by the depositor.
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Cleared Check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction.
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Credit Union | a cooperative group that makes loans to its members at low rates of interest.
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Debit Card | a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders.
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Deposit | to place for safekeeping or in trust, especially in a bank account
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Direct Deposit | a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients.
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Endorse | to write on the back of; especially : to sign one's name as payee
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Expense | cost or charge
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FDIC | a public corporation, established in 1933, that insures, up to a specified amount, all demand deposits of member banks.
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Fees | a charge or payment for professional services
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Financial Literacy | Possessing the knowledge necessary to understand concepts related to finance.
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Financial Security | Protection of a person's financials
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Fixed Expense | Expenses that continue at relatively stable levels, personnel expenses,and some minimal level of utilities.
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Income | The money a person makes from labor, investment, or any other source, especially in the course of a year.
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Interest | The price paid for borrowing money.
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Loan Overdraft | An extension of credit from a lending institution when an account reaches zero
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Memo | including who the memo is from, the name of the addressee, the subject of the memo and a brief, straightforward message.
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Needs | Of necessity
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Non-sufficient funds (NSF) | a check that is dishonored on presentation because of insufficient funds
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Online Banking | The conducting of bank business at home by means of electronic communications, such as a telephone or computer
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Payee | One to whom money is paid.
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Payer |
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Reconcile | to bring into agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts.
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Savings | money put into an account to be used at a later time
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Variable Expenses | A cost that fluctuates directly with output changes
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Withdrawal | the act of taking out money or other capital
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