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Chapter 3: Budgeting and Banking
Budgeting and Bamking (Chapter 3)
21
Finance
11th Grade
09/02/2014

Additional Finance Flashcards

 


 

Cards

Term
ATM (Automatic Teller Machine)
Definition
A bank machine that gives out cash from your account and accepts deposits around the clock.
Term
Balancing a Checking Account
Definition
Calculations that are made to determine the difference between the payments from, and the deposits to,a checking account.
Term
Bank
Definition
Financial institution at which you can get a checking account or savings account.
Term
Bank Statement
Definition
Monthly printout from your bank that shows all transactions in your accounts.
Term
Basic Checking Account
Definition
A no-frills checking account that offers a low minimum opening deposit and reduced fees for students.
Term
Check
Definition
A deposit against your checking account written on a paper form.
Term
Check Cashing Service
Definition
Business that charges a fee to cash a check such as a paycheck. Banks will provide this service for free to their customers.
Term
Check Register
Definition
The book in which you keep records of checks, deposits, debit card transactions, and ATM withdrawals.
Term
Debit Card
Definition
Like a credit card, but directly attached to a checking account, and can be used with a PIN to pay for items at a store.
Term
Direct Deposit
Definition
An automatic deposit of a paycheck without having to take a physical check to the bank.
Term
Fees
Definition
Service fees for use of the checking account, built into the service agreement.
Term
Interest-Bearing Checking Account
Definition
A checking account that pays interest on the balance.
Term
Overdrafts
Definition
Amounts withdrawn from your account beyond the money the account held. Also known as non-sufficient funds (NSF), or bounced check.
Term
Payday Loan
Definition
A short-term very high interest cash advance based on a paycheck. Usually from private non-bank sources, these loans are often due the next payday.
Term
Budget
Definition
A written cash flow plan.
Term
Cash Flow Statement
Definition
A summary that shows total income and spending for a given time period.
Term
Carbon Check
Definition
A copy of each check you write.
Term
Envelope System
Definition
Series of envelopes that are divided into categories (food, entertainment, gas, etc.) and are used to store cash for planned monthly expenses.
Term
Impulse Purchase
Definition
An item that is bought without previous planning or consideration of the long-term effects.
Term
Reconcile
Definition
To match your bank statement with your checkbook.
Term
Zero-based Budget
Definition
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero.
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