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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. It can also be the total amount of money owed to a third party such as a credit card company, utility company, etc |
| Bank Reconciliation | the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a 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 | a document, usually part of the general ledger, used to record financial transactions in cash. |
| Cleared Check | the process of moving a cheque from the bank in which it was deposited to the bank on which it was drawn, and the movement of the money 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 | U.S. corporation insuring deposits in the United States against bank failure |
| Fees | money paid as part of a special transaction, e.g., for a privilege or for admission to something. |
| Financial Literacy | the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security. |
| 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 | 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 | is a limit on borrowing on a bank current account. |
| Memo | a written message, especially in business or diplomacy. |
| 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 cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn. |
| 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 | a corporate expense that changes in proportion with production output |
| Wants | have a desire to possess or do (something); wish for. |
| Withrawal | an act of taking money out of an account. |
Created by:
Ckiley18
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