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Budget and banking
finance
| Term | Definition |
|---|---|
| ATM | An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. |
| Account balance | An account balance is the amount of money in a financial repository, such as a savings or checking account. |
| bank reconciliation | summarizes banking and business activity, comparing the bank's account balance with internal financial records. |
| 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 | where you record all of the check and cash transactions |
| cleared check | the movement of cash from the bank at which a check is drawn (drawing bank) to the bank which is set to receive |
| 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 | To sign back of check to deposit it |
| Expense | the cost required for something; the money spent on something. |
| FDIC | The Federal Deposit Insurance Corporation is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. |
| Fees | a payment made to a professional person or to a professional or public body in exchange for advice or services |
| Finance literacy | the possession of skills, knowledge, and behaviors that allow an individual to make informed decisions regarding money. |
| Finance security | A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction |
| fixed expense | In accounting and economics, fixed costs, also known as indirect costs or overhead costs, are business expenses that are not dependent on the level of goods or services produced by the business. |
| Income | money received, especially on a regular basis, for work or through investments. |
| Interest | A fee that you pay when you barrow money |
| Loan overdraft | occurs when there isn't enough money in an account to cover a transaction or withdrawal, but the bank allows the transaction anyway. |
| memo | a written message, especially in business. |
Created by:
Sholden24
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