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budget and banking
| Term | Definition |
|---|---|
| ATM | An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs |
| Account balance | An account balance is the amount of money in a financial repository, such as a checking account, at any given moment. |
| bank reconciliation | A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement. |
| budget | allow or provide a particular amount of money in a budget. |
| checking account | an account at a bank against which checks can be drawn by the account depositor. |
| check register | A check register, also called a cash disbursements journal, is the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period. |
| cleared check | The movement of a check from the depository institution at which it was deposited back to the institution on which it was written; the movement of funds in the opposite direction and the corresponding credit and debit to the involved accounts. |
| 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 (FDIC) is the U.S. corporation insuring deposits in the United States against bank failure. |
| fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| financial literacy | Financial literacy is 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 | Financial security refers to the peace of mind you feel when you aren't worried about your income being enough to cover your expenses |
| fixed expense | A fixed expense is an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity. |
| 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 | cannot avoid or help doing something. |
| non-sufficient funds (NSF) | Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn. |
| payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| payer | While the term payer generally refers to 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. |
| reconcile | make (one account) consistent with another, especially by allowing for transactions begun but not yet completed. |
| savings | the money one has saved, especially through a bank or official scheme. |
| variable expenses | Variable expenses (also called variable costs) are costs that can change depending on your use of products or services |
| wants | Economic wants are defined as desires that can be satisfied by consuming a good, service or leisure activity. |
| withdrawal | an act of taking money out of an account. |
Created by:
Xander_pg
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