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.
Help!
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| ATM | automated-teller machine.
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| Account Balance | The amount available in an account
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| Budget | A detailed pro forma schedule of financial activity
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| Checking Account | A deposit account held with a financial institution that allows for withdrawals through checks, automated teller machines, or debit cards
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| Cleared Check | The movement of a check from the depository institution at which it was deposited back to the institution on which it was written; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts.
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| Credit Union | A non-profit cooperative organization that offers many of the same services as a bank
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| Debit Card | A card that resembles a credit card but which debits a transaction account (checking account) with the transfers occurring contemporaneously with the customer's purchases.
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| Deposit | An amount of money held at a financial institution on behalf of an account holder for safekeeping
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| Direct Deposit | An electronic service in which a payment, especially but not limited to a paycheck, pension, or tax refund, is transferred immediately into the recipient's bank account.
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| Endorse | 1. The payee's signature on the back of a check indicating that the payee has received the check.
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| Expense | Charged to an expense account, fully reducing reported profit of that year, as is appropriate for expenditures for items with useful lives under one year.
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| FDIC | Federal Deposit Insurance Corporation (FDIC)
A federal institution that insures bank deposits.
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| Fees | A fixed amount or a percentage of an underwriting or principal paid to the underwriter for its services.
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| Financial Literacy | Financial literacy is the ability to understand finance
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| Financial Security | A security is a fungible, negotiable instrument representing financial value
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| Fixed Expense | In economics, fixed costs are business expenses that are not dependent on the level of goods or services produced by the business
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| Income | Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms
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| Interest | Interest is a fee paid on borrowed assets.
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| Loan Overdraft | An overdraft occurs when some one withdraws from a bank account and they exceed the available balance
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| Memo |
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| Needs | A need is something that is necessary for organisms to live a healthy life
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| Non-sufficient funds (NSF) |
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| Online Banking | Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.
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| Payee | payee is the party receiving the payment.
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| Payer | the payer is the party making a payment
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| Reconcile | Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement
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| Savings | A deposit account held with a financial institution that pays interest but does not allow for direct withdrawal through checks.
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| Variable Expenses | A cost to a person or business that varies over time according to a number of factors
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| Wants | To desire greatly; wish for
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| Withdrawal | A transaction in which a customer receives back money he/she had previously deposited at a bank, pension, or trust.
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Created by:
aarp824
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