Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Budget and Banking
| Term | Definition |
|---|---|
| ATM | An automated teller machine (ATM) is an electronic banking outlet |
| Account Balance | is the amount of money in a financial repository |
| Bank Reconciliation | . is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, |
| 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. |
| Check Register | is a document, usually part of the general ledger, used to record financial transactions in cash. |
| Cleared check | The process in which a bank collects the funds on a check deposit from the issuing institution |
| Credit Union | 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 | an estate of land, especially one held on condition of feudal service. |
| Financial Literacy | "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." |
| 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 | 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 |
| Memo | written message, especially in business |
| Needs | cannot avoid or help doing something |
| Non sufficient funds (NSC) | a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account |
| 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 expenses | is a corporate expense that changes in proportion with production output. |
| Wants | lack or be short of something desirable or essential |
| Withdrawal | an act of taking money out of an account |
| Exemption | the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income |
Created by:
jscheffer18
Popular Finance sets