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Budget and Banking
| Term | Definition |
|---|---|
| ATM | A banking terminal that accepts deposits and dispenses and dispenses cash |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment |
| Bank Reconciliation | A process that explains the difference between the bank balance shown in an organization's bank statement |
| Budget | An estimate of income and expenditure for a set of period of time |
| Checking Account | An account at a bank against which checks can be drawn by the account depositor |
| Cleared Check | The process of moving a check from the bank in which it was deposited to the bank on which it was drawn |
| Credit Union | A nonprofit- money making cooperative whose members can borrow from pooled deposits at low interest rates |
| Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
| Deposit | A sum of money placed or kept in 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 | Sign on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it |
| Expense | The cost required for something; the money spent on something |
| FDIC | An independent agency of the United States federal government that preserves public confidence in the banking system by insuring deposits |
| Fees | A payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | The ability to understand how money works in the world |
| Financial Security | A financial instrument that represents an ownership position in a publicly- traded corporation |
| Fixed Expense | Those that do not fluctuate with changes in production level or sales volume |
| Income | The amount of money received during a period of time in exchange for labor or services, from the sale of goods or property, or as a profit from financial investments |
| Interest | Money paid regularly at a particular rate for the use of money lent |
| Loan Overdraft | A limit on borrowing on a bank current account |
| Memo | A document given to an account holder which states that the account balance has been decreased |
| Needs | Require (something) because it is essential or very important |
| Non-sufficient funds (NSF) | A term used in the banking industry to indicate that a demand for payment |
| Online Banking | An electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution |
| Payee | A person to whom money is paid or is to be paid |
| Payer | Someone who pays a bill for products or services recieved |
| Savings | An economy of or reduction in money |
| Variable Expenses | A corporate expense that varies with production output |
| Wants | A desire for something |
| Withdrawal | An act of taking money out of an account |
Created by:
droehner19
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