budget and baking
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 | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card.
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account balance | is 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
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budget | estimation of revenue and expenses over a specified future period of time; it is compiled and re-evaluated on a periodic basis
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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 | 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 | U.S. corporation insuring deposits in the United States against bank failure
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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 | 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 | deep rooted emotion giving individuals a psycho- logical hall pass saying, “It's going to be okay.”
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fixed expense | 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 | 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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load overdraft | allows the individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal
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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 | a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn
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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 expenses | a corporate expense that changes in proportion with production output. Variable costs increase or decrease depending on a company's production volume
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wants | ave 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:
sromanik18
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