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CFM#2 Budgets & Bank
Budgets & Banking
| Term | Definition |
|---|---|
| ATM | An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services |
| Account Balance | The amount of money present in a financial repository, such as a savings or checking account, at any given moment |
| Bank Reconciliation | A summary of banking and business activity that reconciles an entity’s bank account with its financial records |
| 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 | The journal used to record all of the checks, cash payments, and outlays of cash during an accounting period |
| Cleared Check | One that has gone completely through the process of being presented to the company getting paid through the bank that the check was written on |
| 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 | 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 Literary | The ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing |
| Financial Security | A financial instrument issued by companies, financial institutions and the government as a means of borrowing money and raising new capital |
| Fixed Expense | An expense that does not change from time period to time period |
| 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, especially in business |
| Needs | Of necessity |
| Non-Sufficient Funds (NSF) | The status of a checking account that does not have enough money to cover transactions |
| 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 | The expenses that can change over time |
| Wants | The attempt to satisfy wants forms the basis of all economic activity |
| Withdrawal | An act of taking money out of an account |
Created by:
kprocknal21
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