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Budget and Banking
Vocab
| Term | Definition |
|---|---|
| ATM | a machine that dispenses cash or performs other banking services when an account holder inserts a bank card. |
| 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. |
| Bank reconciliation | the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. |
| Budget | an estimation of revenue and expenses over a specified future period of time |
| Checking account | an account at a bank against which checks can be drawn by the account depositor |
| Check register | a document on which is stated the payment dates, check numbers, payment amounts, and payee names for all check payments. |
| Cleared check | a 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, 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 | The Federal Deposit Insurance Corporation |
| 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 apply different financial skills effectively, |
| Financial security | having enough money to cover your expenses, emergencies, and retirement without the fear of running out. |
| Fixed Expense | expenses that stay the same regardless of your sales or business activity and can have a significant impact on your cash flow and budget. |
| 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 | a written message, especially in business |
| Needs | expenditures that are essential for you to be able to live and work. |
| Non-sufficient funds | insufficient funds, refers to 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 |
| 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 investment plan. |
| Variable expenses | the amount you pay in any given month could be different from previous payments |
| Wants | Wants are items that are nice to have. They are not things that you need to survive. |
| Withdrawal | an act of taking money out of an account. |
Created by:
Bgiberson23
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