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1.
Another word for money. Steming from slangs such as cheese, chedda, or gouda. An abbreviation for velveeta, which is a brand of cheese.
"Man, you know P-Twice is makin' veeta dawg."
by Pat Phelan January 23, 2007
 
2.
From the word velveeta.
Anything that is not cool. Something that is cheesy or tacky.
The decorations in the hotel room were veeta.
by mischabarton31845 January 17, 2010