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 Balances | The amount of money in an account, equal to the net of credit and debit
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| Bank Reconciliation | Process that explains the difference between the bank balance and and the corresponding statement
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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 | 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 | 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 | an independent agency of the United States (U.S.) 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 | 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 | the condition of having the resources to support a standard of living now and in the foreseeable future
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| Fixed Expense | costs that do not fluctuate with changes in production level or sales volume.
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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 | limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis. A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft.
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| Memo | a written message, especially in business.
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| Needs | cannot avoid or help doing something.
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| Non-sufficient Funds (NSF) | there are "non-sufficient funds" in an account in order to honor a check drawn on that account. Colloquially, this is known as a "bounced check" or "bad check".
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| Online Banking | Online banking is 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 | 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 | 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 lack or deficiency of something.
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| Withdrawal | an act of taking money out of an account.
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Created by:
Tommo22
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