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budget and banking
| Term | Definition |
|---|---|
| ATM | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card |
| Account Balance | the amount of money in a financial repository, such as a savings or checking account, at any given moment |
| 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 record of transactions in a checking account. |
| cleared check | process whereby funds move from one account to another to settle a check payment |
| credit union | a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates. |
| debit card | 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 | declare one's public approval or support of |
| expense | the cost required for something; the money spent on something. |
| FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank 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 possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. |
| financial security | the peace of mind you feel when you aren't worried about your income being enough to cover your expenses. |
| fixed expense | 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 state of wanting to know or learn about something or someone. |
| loan overdraft | unreasonable in virtually every respect, wreaking financial devastation in the lives of those unable to recover from a surge of fees that washes them out when they are most struggling to stay afloat. |
| memo | a written message, especially in business |
Created by:
slau20
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