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Budget and Banking
| Term | Definition |
|---|---|
| ATM | an electronic banking machine that dispenses cash, accepts deposits, and performs other services when a customer inserts a plastic card and pushes the proper coded buttons. |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment. |
| Budget | an estimate, often itemized, of expected income and expense for a given period in the future. |
| Checking Account | a bank deposit against which checks can be drawn by the depositor. |
| Cleared Check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn, and the movement of its face amount in the opposite direction. |
| Credit Union | a cooperative group that makes loans to its members at low rates of interest. |
| Debit Card | a plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders. |
| Deposit | to place for safekeeping or in trust, especially in a bank account |
| Direct Deposit | a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. |
| Endorse | to write on the back of; especially : to sign one's name as payee |
| Expense | cost or charge |
| FDIC | a public corporation, established in 1933, that insures, up to a specified amount, all demand deposits of member banks. |
| Fees | a charge or payment for professional services |
| Financial Literacy | Possessing the knowledge necessary to understand concepts related to finance. |
| Financial Security | Protection of a person's financials |
| Fixed Expense | Expenses that continue at relatively stable levels, personnel expenses,and some minimal level of utilities. |
| Income | The money a person makes from labor, investment, or any other source, especially in the course of a year. |
| Interest | The price paid for borrowing money. |
| Loan Overdraft | An extension of credit from a lending institution when an account reaches zero |
| Memo | including who the memo is from, the name of the addressee, the subject of the memo and a brief, straightforward message. |
| Needs | Of necessity |
| Non-sufficient funds (NSF) | a check that is dishonored on presentation because of insufficient funds |
| Online Banking | The conducting of bank business at home by means of electronic communications, such as a telephone or computer |
| Payee | One to whom money is paid. |
| Payer | |
| Reconcile | to bring into agreement or harmony; make compatible or consistent: to reconcile differing statements; to reconcile accounts. |
| Savings | money put into an account to be used at a later time |
| Variable Expenses | A cost that fluctuates directly with output changes |
| Withdrawal | the act of taking out money or other capital |
Created by:
mfowler713
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