Help
Options
Term
ATM
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Term
Account Balance
Remaining cards (31)
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 | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card |
| Account Balance | amount of money present in a financial repository, such as a savings or checking account, at any given moment |
| Bank Reconciliation | document that compares the cash balance on a company’s balance sheet to the corresponding amount on its 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 | document, usually part of the general ledger, used to record financial transactions in cash |
| Cleared Check | 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 payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later |
| 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 | The Federal Deposit Insurance Corporation (FDIC) is a government agency charged with "preserving and promoting consumer confidence" in banks and other financial institutions. |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | the ability to understand and effectively use various financial skills |
| Financial Security | peace of mind you feel when you aren't worried about your income being enough to cover your expenses |
| Fixed Expense | an 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 | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt |
| Loan Overdraft | loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero |
| Memo | small piece of written information used in business environments for interoffice communication |
| Needs | necessary items to carry out daily tasks |
| Non-Sufficient Funds (NSF) | status of a checking account that does not have enough money to cover transactions |
| Online Banking | digital payment system which enables customers of a bank or a financial institution to make financial or non-financial transactions online via the internet |
| Payee | person or organization that receives payment for goods or services |
| Payer | person or organization that pays for something |
| Reconcile | accounting process carried out by businesses in which they compare two data sets and ensure that they match |
| Savings | income that we do not spend and put aside |
| Variable Expenses | likely to be affected in proportion to the activities of the business. Expenses like production wages, raw materials, sales commission, shipping costs etc. are examples of variable expense |
| Wants | unnecessary items that people buy for pleasure |
| Withdrawal | draw down of an owner's account in a sole proprietorship or partnership |
Created by:
Hlarson22
Popular Finance sets