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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.

1. ATM   automated teller machine  
2. Account Balance   The amount of money in an account, equal to the net of credits and debits at that point in time for that account.  
3. Budget   An itemized forecast of an individual's or company's income and expenses expected for some period in the future.  
4. Checking Account   An account which allows the holder to write checks against deposited funds.  
5. Cleared Check   A commercial bank that is part of a network of banks that can clear checks for its clients regardless of whether or not the check originates from the same commercial bank.  
6. Credit Union   A non-profit financial institution that is owned and operated entirely by its members. Credit unions provide financial services for their members, including savings and lending.  
7. Debit Card   A card which allows customers to access their funds immediately, electronically.  
8. Deposit   Money given in advance to show intention to complete the purchase of a property.  
9. Direct Deposit   The deposit of funds directly into a bank account as a form of payment.  
10. Endorse   A signature used to legally transfer a negotiable instrument.  
11. Expense   Any cost of doing business resulting from revenue-generating activities.  
12. FDIC   Federal Deposit Insurance Corporation.  
13. Fees   A fee charged by a broker or agent for his/her service in facilitating a transaction, such as the buying or selling of securities or real estate. Read more: http://www.investorwords.com/4367/sales_fee.html#ixzz2NQpUgvLJ  
14. Financial Literacy   Possessing the knowledge necessary to understand concepts related to finance.  
15. Financial Security   An investment instrument, other than an insurance policy or fixed annuity, issued by a corporation, government, or other organization which offers evidence of debt or equity.  
16. Fixed Expense   A deposit held by a bank or other financial institution or a fixed amount of time agreed upon between the bank and the depositor.  
17. Income   For corporations, revenues minus cost of sales, operating expenses, and taxes, over a given period of time.  
18. Interest   The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal  
19. Loan Overdraft   The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation.  
20. Memo   A written message, esp. in business  
21. Needs   Technique used to determine how much life insurance is required, by considering the future needs of the policy's beneficiaries.  
22. Non-sufficient funds (NSF)   An acronym used in the banking industry to signify that there are "non-sufficient funds" in an account in order to honor a check drawn on that account.  
23. Online Banking   A system allowing individuals to perform banking activities at home, via the internet.  
24. Payee   One who receives a payment, such as through cash, check, money order, or promissory note.  
25. Payer   One who makes a payment.  
26. Reconcile   to make two financial accounts or statements agree.  
27. Savings   The part of a person's income that is not spent.  
28. Variable Expenses   An unavoidable periodic cost that does not have a constant value, such as an electric bill.  
29. Wants   to feel a need or a desire for.  
30. Withdrawal   A removal of funds from an account.  


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Created by: iprince