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Budget and banking
| Question | Answer |
|---|---|
| ATM | An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs |
| Account Balance | An account balance is the amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits |
| Bank Reconciliation | a 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 |
| 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 check register is a record of transactions in a checking account. Keep track of how much money you have in your checking account by recording checks and other transactions in your check register |
| Cleared Check | Check clearing refers to the movement of a check from the deposit bank to the drawing bank through a process known as the “clearing cycle.” |
| 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 | declare one's public approval or support of |
| Expense | the cost required for something; the money spent on something |
| FDIC | The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts in the event of bank failures |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | 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 | Financial security refers to 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 | A fixed expense is 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 overdraft is an extension of credit from a lending institution that is granted when an account reaches zero |
| Memo | a written message, especially in business. |
| Needs | of necessity |
| Non-sufficient funds | You don't have enough money |
| Online Banking | A way to track your spending and see how much money you have |
| 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 | restore friendly relations between |
| Savings | the money one has saved, especially through a bank or official scheme |
| Variable Expenses | Variable expenses, also called variable costs, are expenses that can change depending on your use of products or services; they are somewhat unpredictable |
| Wants | Things that aren't of necessity |
| Withdrawl | an act of taking money out of an account. |
Created by:
berick20
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