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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 | 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 | A bank reconciliation statement is a 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 | A check register, also called a cash disbursements journal, is the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period. |
| Cleared check | A cleared check is one for which the money has successfully transferred from the issuer's account to the receiver's account. |
| 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 Literacy | the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. |
| Financial Security | 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 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 | An overdraft is a 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 | Financial need is the difference between cost and ability to pay. |
| Non Sufficient Funds (NSF) | 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 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 investment plan. |
| Variable Expenses | When production or sales increase, variable costs increase; when production or sales decrease, variable costs decrease. |
| Wants | The attempt to satisfy wants forms the basis of all economic activity. Wants are expressed in the market place not by need or desire but by the willingness and ability to actually purchase the good or service in DEMAND. |
| Withdrawal | an act of taking money out of an account. |
Created by:
Skelly2331
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