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Chapter 7 - Budgeting 101
Chapter 7 - Budgeting 101
21
Business
12th Grade
09/04/2012

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Term
ATM
Definition
Automatic Teller Machine - 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 debit 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; 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Amounts withdrawn from your account beyond the money the account held
Term
Payday Loan
Definition
A loan where a borrower gets a cash advanced based in his paycheck; these loans generally must be repaid on the next payday
Term
Envelope System
Definition
The cash to pay for your budgeted expenses is put into labeled envelopes for each expense. When the envelope is empty, you are out of money for that expense.
Term
Impulse Purchase
Definition
Buying something without thinking it out first.
Term
Reconcile
Definition
To compare your bank statement to your check register and adjust for the differences.
Term
Zero-Based Budget
Definition
Giving every dollar of income a name: spending all your money on paper before getting it.
Term
Overdraft/Bounced Check/NSF
Definition
A transaction such as a check or a debit that you don't have enough money to cover; non-sufficient funds.
Term
Cash-Flow Plan/Statement
Definition
A budget.
Term
Equity
Definition
The value of the items you own minus the amount of debt that you have.
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