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Budget and Banking
| Term | Definition |
|---|---|
| ATM | automated-teller machine |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment. |
| Budget | An estimate of income and expenditure for a set period of time. |
| Checking Account | An account at a bank against which checks can be drawn by the account depositor. |
| Cleared Check | It means the check was cashed or deposited |
| Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans |
| Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| Deposit | sum of money placed or kept in a bank account, usually to gain interest. |
| Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | to write on the back of; especially: to sign one's name as payee on the back of (a check) in order to obtain the cash or credit represented on the face |
| Expense | The cost required for something; the money spent on something. |
| FDIC | Federal Deposit Insurance Corporation |
| Fees | A payment made for professional advice or services. |
| Financial Literacy | Financial literacy is the ability to understand finance |
| Financial Security | having money set aside for future use, living within a budget |
| Fixed Expense | a payment that stays the same amount each month |
| Income | Money received, esp. on a regular basis, for work or through investments. |
| Interest | a fee paid to someone for borrowing money |
| Loan Overdraft | your bank will cover checks which would otherwise bounce. |
| Memo | A written message, esp. in business; a memorandum |
| Needs | Cannot avoid or help doing something: "they must needs depart". |
| Non-sufficient funds (NSF) | A term used to indicate when an item such as a check, or other transaction presented for payment is returned unpaid because the available balance in your deposit account is less than the amount of the item. |
| Online Banking | A system allowing individuals to perform banking activities at home, via the internet. |
| Payee | A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable. |
| Payer | a person who pays money for something. |
| Reconcile | accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate |
| Savings | to put money aside for a reason |
| Variable Expenses | Variable costs are expenses that change in proportion to the activity of a business.Garrison, |
| Wants | A lack or deficiency of something |
| Withdrawal | 2.An act of taking money out of an account. |
Created by:
Jakyle Foster
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