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 | automated teller machine: a machine, usually in a wall outside a bank, shop, etc. from which you can take money out of your bank account using a special card |
| Account Balance | the amount of money present in a financial repository, such as a savings or checking account |
| Bank Reconciliation | the process of matching the balances in someone's accounting records for a cash account to the corresponding information on a bank statement. |
| Budget | an estimate of income and spending for a set period of time. |
| Checking Account | an account held at a bank that allows money to be withdrawn or deposited into |
| Check Register | is 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 | 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 |
| 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 | s an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures |
| Fees | a fixed price charged for a specific service |
| Financial Literacy | is 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 | refers to the peace of mind you feel when you aren't worried about your income being enough to cover your expenses |
| Fixed Expense | an expense whose total amount does not change when there is an increase in an activity such as sales or production |
| 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 | an extension of credit from a lending institution that is granted when an account reaches zero |
| Memo | a written message |
| Needs | income spent on a persons basic living expenses such as food, housing, and utilities |
| Non-sufficient Funds (NSF) | a term used in the banking industry to indicate that a check cannot be used because insufficient funds are available in the account on which it was drawn from |
| Online Banking | a method of banking in which transactions are conducted electronically |
| Payee | a person to whom money is paid or is to be paid |
| Payer | a person or organization that gives someone money that is due for work done |
| Reconcile | make (one account) consistent with another |
| Savings | income not spent. Sometimes put into a savings account at the bank |
| Variable Expenses | expenses that can change depending on your use of products or services |
| Wants | income spent on items a persons desires |
| Withdrawal | removing funds from a bank account |
Created by:
smonroy21
Popular Finance sets