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Budget & Banking
| Term | Definition |
|---|---|
| ATM | Automated Teller Machine. A specialized computer that allows you to complete bank transactions without the need to see a bank representative |
| Account Balance | The Amount of money in an account, equal to the net amount after debits and credits. |
| Bank Reconciliation | Summarizes banking and business activity, shows ones bank account with financial records. |
| Budget | A spending plan based on income and expenses. |
| Checking Account | An account at a bank in which checks can be drawn by the owner of the account. |
| Check Register | A booklet that can be used to monitor checking and running balance. keeps track of how much money is available to be spent at any given time. |
| Cleared Check | When the amount of a check is moved from the writers bank to the recipient of the checks bank account. |
| Credit Union | A nonprofit organization whos embers can borrow from deposits at low interest rates. |
| Debit Card | A card issues 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. This can also earn interest. |
| Direct Deposit | The electronic transfer of a payment directly from the payers account to the recipients account. |
| Endorse | Sign on the back of an bill or check to make it payable to someone. |
| Expense | The cost required for something/ the money spent. |
| FDIC | Federal Deposit Insurance Corporation. Examines and supervises financial institution for safety, soundness, consumer protects, and manages receiverships |
| Fees | A payment made to a professional person or to a public body in exchange for advice or services |
| Financial Literacy | The ability to understand an use financial skills, including financial management budgeting and investing |
| Financial Security | The feeling of confidence tat stems from the belief that the needs of you and your family are taken care of. |
| Fixed Expense | Bills that cost the same each month |
| Income | Money received, normally on a regular basis, for work |
| Interest | Money paid regularly as a particular rate for the use of money, or built up over a period of time from deposited money. |
| Loan Overdraft | Occurs when there isn't enough money in an account to cover a transaction or withdrawal but is allowed by the bank anyways. |
| Memo | A written message |
| Needs | a necessity |
| Non-sufficient funds (NSF) | An account that does not have enough money to cover all transactions. |
| Online Banking | Allows a user to conduct financial transactions on the internet. |
| Payee | A person who receives money, the person to whom a check is made payable to. |
| Payer | A person or an organization that gives money to another for work done, good received, or a debt |
| Reconcile | To make one account consistent with another, |
| Savings | An amount of money accumulated but not spent |
| Variable Expenses | An expense that changes in proportion to how much a company produces or sells. |
| Wants | An expense that helps you live more comfortably, but is not necessary to survive |
| Withdrawal | Removing funds for any kind of account |
Created by:
pwood24
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