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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| ATM | A banking terminal that accepts deposits and dispenses and dispenses cash
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| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment
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| Bank Reconciliation | A process that explains the difference between the bank balance shown in an organization's bank statement
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| Budget | An estimate of income and expenditure for a set of 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 process of moving a check from the bank in which it was deposited to the bank on which it was drawn
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| Credit Union | A nonprofit- money making 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 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 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 | An independent agency of the United States federal government that preserves public confidence in the banking system by insuring deposits
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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 | The ability to understand how money works in the world
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| Financial Security | A financial instrument that represents an ownership position in a publicly- traded corporation
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| Fixed Expense | Those that do not fluctuate with changes in production level or sales volume
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| Income | The amount of money received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments
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| Interest | Money paid regularly at a particular rate for the use of money lent
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| Loan Overdraft | A limit on borrowing on a bank current account
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| Memo | A document given to an account holder which states that the account balance has been decreased
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| Needs | Require (something) because it is essential or very important
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| Non-sufficient funds (NSF) | A term used in the banking industry to indicate that a demand for payment
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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
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| Payee | A person to whom money is paid or is to be paid
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| Payer | Someone who pays a bill for products or services recieved
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| Savings | An economy of or reduction in money
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| Variable Expenses | A corporate expense that varies with production output
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| Wants | A desire for something
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| Withdrawal | An act of taking money out of an account
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Created by:
droehner19
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