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Budget and Banking
| Term | Definition |
|---|---|
| ATM | an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. |
| Account Balance | the amount of money in a financial repository, such as a checking account, at any given moment |
| Bank Reconciliation | statement is a process that explains the difference on a specified date 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. |
| 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 | is a document, usually part of the general ledger, used to record financial transactions in cash. |
| 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 |
| 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 | is the U.S. corporation insuring deposits in the United States against bank failure. |
| Financial Literacy | is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security |
| Financial Security | not worrying about being in debt |
| 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 | The charge for borrowing money or the return for lending |
| Loan Overdraft | is an extension of credit from a lending institution when an account reaches zero |
| Memo | is an extension of credit from a lending institution when an account reaches zero |
| Needs | cannot avoid or help doing something |
| Non-sufficient funds (NSF) | is the status of a checking account that does not have enough money to cover transactions |
| Online Banking | a method of banking in which transactions are conducted electronically via the Internet. |
| Payee | a person to whom money is paid or is to be paid, especially the person to whom a check is made payable. |
| Payer | a person or organization that gives someone money that is due for work done, goods received, or a debt incurred. |
| 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 Expense | s a corporate expense that changes in proportion with production output. |
| Wants | have a desire to possess or do (something); wish for |
| Withdrawal | an act of taking money out of an account. |
Created by:
kfrost18
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