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Budget and Banking
| Term | Definition |
|---|---|
| ATM | ATM is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller |
| Account Balance | 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 form that allows individuals to compare their personal bank account records to the bank's records. |
| Budget | Budget is an estimate of income and expenditure for a set period of time |
| Checking Account | Checking account is an account at a bank against which checks can be drawn by the account depositor. |
| Check Register | A check register is a document on which is stated the payment dates, check numbers, payment amounts, and payee names for all check payments |
| Cleared Check | Check clearing is simply a process whereby funds move from one account to another to settle a check payment |
| Credit Union | Credit Union is a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates |
| Debit Card | Debit card is a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase |
| Deposit | Deposit is a sum of money placed or kept in a bank account, usually to gain interest or 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 | Direct deposit is the electronic transfer of a payment directly from the account of the payer to the recipient's account |
| Endorse | Endorse is a 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 | Expense is the cost required for something; the money spent on something |
| FDIC | The Federal Deposit Insurance Corporation is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions |
| Fees | Fees are a payment made to a professional person or to a professional or public body in exchange for advice or services |
| Financial Literacy | Financial literacy is the ability to understand and use various financial skills, including personal financial management, budgeting, and investing |
| Financial Security | Financial security, on the other hand, means having enough money to cover your expenses, emergencies, and retirement without the fear of running out |
| Fixed Expenses | Fixed expenses is “any expense that does not change from period to period," such as mortgage or rent payments, utility bills, and loan payments |
| Income | Income is money received, especially on a regular basis, for work or through investments |
| Interest | Interest is 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 loan allows quick access to a small amount of money to help you cover an overdraw on your account |
| Memo | a written message, especially in business |
| Needs | Your needs are your daily expenses and your short-term spending. Think groceries, gas, car payments, rent or mortage payments – the list goes on. These are the things you need to budget for |
| Non-Sufficient Funds (NSF) | Non-sufficient funds (NSF), or insufficient funds, refers to the status of a checking account that does not have enough money to cover transactions |
| Online Banking | Online Banking a method of banking in which transactions are conducted electronically via the internet |
| Payee | Payee is a person to whom money is paid or is to be paid, especially the person to whom a check is made payable |
| Payer | Payer is a person or organization that gives someone money that is due for work done, goods received, or a debt incurred |
| Reconcile | Reconcile is to make (one account) consistent with another, especially by allowing for transactions begun but not yet completed |
| Savings | Savings is the money one has saved, especially through a bank or investment plan |
| Variable Expenses | A variable cost is a corporate expense that changes in proportion to how much a company produces or sells |
| Wants | Wants are expenses that help you live more comfortably. They're the things you buy for fun or leisure |
| Withdrawal | A withdrawal involves removing funds from a bank account, savings plan, pension or trust |
Created by:
Ksakpal23
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