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Budget and Banking
| Term | Definition |
|---|---|
| 1. ATM | Acronym for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities (checking one's balance, withdrawing or transferring funds) even when the bank is closed |
| 2. Account Balance | A balance of payments (BOP) sheet is an accounting record of all monetary transactions between a country and the rest of the world.... |
| 3. Budget | An estimate of income and expenditure for a set period of time |
| 4. Checking Account | An account at a bank against which checks can be drawn by the account depositor. |
| 5. 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. |
| 6. Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc. |
| 7. Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| 8. Deposit | A sum of money placed or kept in a bank account, usually to gain interest. |
| 9. Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account |
| 10. Endorse | 1.Declare one's public approval or support of |
| 11. Expense | The cost required for something; the money spent on something |
| 12. FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits |
| 13. Fees | 1.A payment made for professional advice or services. 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something. |
| 14. Financial Literacy | Financial literacy is the ability to understand finance |
| 15. Financial Security | A security is a fungible, negotiable instrument representing financial value. |
| 16. Fixed Expense | (FIXED EXPENSES) Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change |
| 17. Income | Money received, esp. on a regular basis, for work or through investments. |
| 18. Interest | The state of wanting to know or learn about something or someone The state of wanting to know or learn about something or someone |
| 19. Loan Overdraft | . Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or makewithdrawals. |
| 20. Memo | A written message, esp. in business; a memorandum. |
| 21. Needs | Cannot avoid or help doing something: "they must needs depart |
| 22. 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 availabl... |
| 23. Online Banking | Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or... |
| 24. Payee | A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable |
| 25. Payer | a person who pays money for something |
| 26. Reconcile | 1.Restore friendly relations between: "she wanted to be reconciled with her father". 2.Cause to coexist in harmony; make or show to be compatible |
| 27. Savings | 1.An economy of or reduction in money, time, or another resource |
| 28. Variable Expenses | (Variable expense) Variable costs are expenses that change in proportion to the activity of a business |
| 29. Wants | Have a desire to possess or do (something); wish for |
| 30. Withdrawal | 2.An act of taking money out of an account. |
Created by:
Jasmyne8
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