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Budget and Banking
Question | Answer |
---|---|
ATM | A specialized computer that makes it convenient to manage a bank account holder’s funds. |
Account balance | The amount of money present in a financial repository, such as a savings or checking account, at any given moment. |
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 document usually part of the general ledger used to record financial transactions in cash |
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 recipients account. |
Endorse | To 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 | |
FDIC | |
Fees | |
Financial literacy | |
Financial security | |
Fixed expense | |
Income | |
Interest | |
Loan overdraft | |
Memo | |
Needs | |
Non-sufficient funds (NSF) | |
Online banking | |
Payee | |
Payer | |
Reconcile | |
Savings | |
Variable expenses | |
Wants | |
Withdrawal | |
Bank reconciliation |