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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.
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Term
Definition
1. ATM   automated teller machine  
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2. Account Balance   A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world....  
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3. Budget   An estimate of income and expenditure for a set period of time  
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4. Checking Account   An account at a bank against which checks can be drawn by the account depositor  
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5. Cleared Check    
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6. Credit Union   A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc.  
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7. Debit Card   A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.  
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8. Deposit   A sum of money placed or kept in a bank account, usually to gain interest  
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9. Direct Deposit   The electronic transfer of a payment directly from the account of the payer to the recipient's account.  
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10. Endorse   1.Declare one's public approval or support of. 2.Recommend (a product) in an advertisement.  
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11. Expense   The cost required for something; the money spent on something  
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12. FDIC   Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.  
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13. Fees   1.A payment made for professional advice or services. 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something.  
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14. Financial Literacy   Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allow an...  
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15. Financial Security   A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities...  
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16. Fixed Expense   (FIXED EXPENSES) Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change  
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17. Income   Money received, esp. on a regular basis, for work or through investments.  
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18. Interest   The state of wanting to know or learn about something or someone: "many people lose interest in history".  
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19. Loan Overdraft    
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20. Memo   A written message, esp. in business; a memorandum  
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21. Needs   Cannot avoid or help doing something: "they must needs depart".  
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22. Non-sufficient funds (NSF)   Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored...  
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23. Online Banking   Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or...  
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24. Payee   A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable.  
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25. Payer   a person who pays money for something  
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26. Reconcile   1.Restore friendly relations between: "she wanted to be reconciled with her father". 2.Cause to coexist in harmony; make or show to be compatible.  
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27. Savings   1.An economy of or reduction in money, time, or another resource. 2.The money one has saved, esp. through a bank or official scheme.  
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28. Variable Expenses   (Variable expense) Variable costs are expenses that change in proportion to the activity of a business.Garrison, Noreen, Brewer. Ch 2 -...  
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29. Wants   Have a desire to possess or do (something); wish for.  
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30. Withdrawal   1.The action of withdrawing something. 2.An act of taking money out of an account.  
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Created by: tricemarie
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