budgets 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 | 'Automated Teller Machine - ATM' An electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. There are two primary types of automated teller machines, or ATMs.
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| Account Balance | The total amount of money owed to a third party such as a credit card company, utility company, mortgage banker or other type of lender or creditor. The account balance will always be the net amount after factoring in all debits and credits.
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| Bank Reconciliation | A process that explains the difference between the bank balance shown in an organisation's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.
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| Budget | an estimate of income and expenditure for a set period of time.
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| Checking Account | an account at a bank against which checks can be drawn by the account depositor.
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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 nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.
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| 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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| Deposit | a sum of money placed or kept in a bank account, usually to gain interest.
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| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient's account.
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| Endorse | sign (a check or bill of exchange) on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it.
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| Expense | the cost required for something; the money spent on something.
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| FDIC | The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation operating as an independent agency created by the Banking Act of 1933.
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| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services
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| Financial Literacy | Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others.
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| Financial Security | 'Security' A financial instrument that represents: an ownership position in a publicly-traded corporation (stock), a creditor relationship with governmental body or a corporation (bond), or rights to ownership as represented by an option.
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| Fixed Expense | Fixed costs are expenses that have to be paid by a company, independent of any business activity. It is one of the two components of the total cost of a good or service, along with variable cost.
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| Income | money received, especially on a regular basis, for work or through investments.
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| Interest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
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| Loan Overdraft | If you have an overdraft account, your bank will cover checks which would otherwise bounce. As with any loan, you pay interest on the outstanding balance of an overdraft loan. Often the interest on the loan is lower than credit cards.
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| Memo | a written message, especially in business.
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| Needs | anything that helps you to survive.
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| Non-sufficient funds (NSF) | a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored because insufficient funds are available in the account on which the instrument was drawn.
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| Online Banking | an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society.
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| Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable.
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| Payer | While the term payer generally refers to someone who pays a bill for products or services received, in the financial context it usually refers to the payer of an interest or dividend payment.
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| Savings | the money one has saved, especially through a bank or official scheme.
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| Variable Expenses | 'Variable Cost' A corporate expense that varies with production output. Variable costs are those costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases.
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| Wants | a desire to have something.
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| Withdrawal | an act of taking money out of an account.
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