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Budget and Banking

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Term
Definition
ATM   for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities  
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Account Balance   amount of money in an account, equal to the net of credits and debits at that point in time for that account.  
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Budget   An itemized forecast of an individual's or company's income and expenses expected for some period in the future.  
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Checking Account   A transactional deposit account held at a financial institution that allows for withdrawals and deposits.  
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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   Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.  
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Debit Card   An electronic card issued by a bank which allows bank clients access to their account to withdraw or pay for goods and services.  
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Deposit   A transaction involving a transfer of funds to another party for safekeeping.  
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Direct Desposit   Electronic funds that are deposited directly into your bank account rather than through a paper check.  
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Endorse   To sign a legal document, such as a check. See also endorsement and endorser.  
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Expense   The economic costs that a business incurs through its operations to earn revenue.  
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FDIC   Federal Deposit Insurance Corporation. A federal agency that insures deposits in member banks and thrifts up to $100,000.  
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Fees   Pay money for what you want.  
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Finacial Literacy   Possessing the knowledge necessary to understand concepts related to finance.  
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Financial Security   Making sure that your money is safe.  
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Fixed Expense   Expenses that remain the same regardless of occupancy.  
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Income   The money that you make.  
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Interest   The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.  
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Loan Overdraft   The amount by which withdrawals exceed deposits, or the extension of credit by a lending institution to allow for such a situation.  
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Memo   A written message, esp. in buisness.  
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Needs   Cannot avoid or help doing something.  
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Non-sufficient funds (NSF)   is a term used in the banking industry to indicate that a demand for payment (a check)  
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Online Banking   allows customers to conduct financial transactions on a secure website operated by their retail.  
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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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Payer   a person who pays money for something.  
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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   putting money into an account for future use  
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Variable Expenses   costs are expenses that change in proportion to the activity of a business.  
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Wants   Have a desire to possess or do (something); wish for. Have a desire to possess or do (something); wish for.  
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Withdrawal   The action of withdrawing something.  
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