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 | an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.
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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 | statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records.
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| Budget | allow or provide a particular amount of money in a budget
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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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| Check Register | is a document, usually part of the general ledger, used to record financial transactions in cash.
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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
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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 | is the U.S. corporation insuring deposits in the United States against bank failure.
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| Financial Literacy | is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security
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| Financial Security | not worrying about being in debt
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| Fixed Expense | is an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity.
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| Income | money received, especially on a regular basis, for work or through investments.
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| Interest | The charge for borrowing money or the return for lending
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| Loan Overdraft | is an extension of credit from a lending institution when an account reaches zero
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| Memo | is an extension of credit from a lending institution when an account reaches zero
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| Needs | cannot avoid or help doing something
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| Non-sufficient funds (NSF) | is the status of a checking account that does not have enough money to cover transactions
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| Online Banking | a method of banking in which transactions are conducted electronically via the Internet.
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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 | a person or organization that gives someone money that is due for work done, goods received, or a debt incurred.
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| Reconcile | make (one account) consistent with another, especially by allowing for transactions begun but not yet completed.
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| Savings | The money one has saved, especially through a bank or official scheme
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| Variable Expense | s a corporate expense that changes in proportion with production output.
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| Wants | have a desire to possess or do (something); wish for
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| Withdrawal | an act of taking money out of an account.
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Created by:
kfrost18
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