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Budget and Banking
| Term | Definition |
|---|---|
| ATM | Automated Teller Machine |
| Account Balance | The amount of money in an account, Like in a savings or checking account |
| Budget | An estimated amount of income |
| 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 | A check that has gone through the complete banking process |
| 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 |
| Deposit | A sum of money placed or kept in a bank account |
| Direct Deposit | payment option where your funds are electronically transferred to your checking or savings account |
| Endorse | Sign a check on the back to make it payable for someone |
| Expense | The cost required for something |
| FDIC | An independent agency that maintains stability and public confidence in our financial system |
| Fees | A fixed price charged for a specific service |
| Financial Literacy | Ability to understand and effectively use plenty of financial skills |
| Financial Security | The peace of mind you feel when u aren’t worried about your income |
| Fixed Expense | an expense whose total amount does not change when there is an increase in an activity |
| Income | Money received on a regular basis |
| Interest | is payment from a borrower or deposit-taking financial institution to a lender |
| Loan Overdraft | an extension of credit from a lending institution that is granted when an account reaches zero |
| Memo | A message that is written especially in business |
| Needs | Necessary purchases, necessities |
| Non-Sufficient Funds | when the holder of a checking account is overdrawn |
| Online Banking | Where transactions are conducted electronically through the internet |
| Payee | A person that is paid or to be paid |
| Payer | An organization or person that gives someone money or is gonna give someone money |
| Reconcile | Make an account consistent with another for backup |
| Savings | An economy of or reduction of money |
| Variable Expenses | Costs that change with the quantity of a certain good that an organization produces |
| Wants | |
| Withdrawal |
Created by:
Emorton211
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