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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automatic Teller Machine |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment.The total amount of money owed to a third party such as a credit card company, utility company, mortgage banker or other type of lender or creditor. |
| Bank Reconciliation | a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own [accounting] records at a particular point in time. |
| 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 | 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 nonprofit-making money 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 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 | 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. |
| Expense | the cost required for something; the money spent on something. |
| FDIC | The Federal Deposit Insurance Corporation is an independent agency of the United States (U.S.) 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: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others. |
| Financial Security | the peace of mind you feel when you aren't worried about your income being enough to cover your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals. |
| Fixed Expense | costs are those that do not fluctuate with changes in production level or sales volume. They include such expenses as rent, insurance, dues and subscriptions, equipment leases, payments on loans, depreciation, management salaries, and advertising. |
| Income | money received, especially on a regular basis, for work or through investments. |
| Interest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| Loan Overdraft | A bank overdraft is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis. A bank loan is a fixed amount for a fixed term with regular fixed repayments. |
| Memo | a written message, especially in business. |
| Needs | goods or services that are required |
| Non-Sufficient Funds | Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored because insufficient funds are available in the account. |
| Online Banking | an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. |
| Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Payer | someone who pays a bill for products or services received, in the financial context it usually refers to the payer of an interest or dividend payment. |
| Savings | the money one has saved, especially through a bank or official scheme. |
| Variable Expenses | Expenses that vary with some activity. For example, sales commissions expense and cost of goods sold will be greater when sales are greater; electricity expense will decrease when machine hours are reduced. |
| Wants | Wants are goods or services that are not necessary but that we desire or wish for. |
| Withdrawal | an act of taking money out of an account. |
Created by:
Klahnen
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