The Collaborative International Dictionary of English v.0.48:

Exchequer \Ex*cheq"uer\, n. [OE. escheker, OF. eichekier, fr.
   LL. scaccarium. See Checker, Chess, Check.]
   1. One of the superior courts of law; -- so called from a
      checkered cloth, which covers, or formerly covered, the
      table. [Eng.]
      [1913 Webster]

   Note: The exchequer was a court of law and equity. In the
         revenue department, it had jurisdiction over the
         proprietary rights of the crown against subjects; in
         the common law department, it administered justice in
         personal actions between subject and subject. A person
         proceeding against another in the revenue department
         was said to exchequer him. The judges of this court
         were one chief and four puisne barons, so styled. The
         Court of Exchequer Chamber sat as court of error in
         which the judgments of each of the superior courts of
         common law, in England, were subject to revision by the
         judges of the other two sitting collectively. Causes
         involving difficult questions of law were sometimes
         after argument, adjourned into this court from the
         other courts, for debate before judgment in the court
         below. Recent legislation in England (1880) has
         abolished the Court of Exchequer and the Court of
         Exchequer Chamber, as distinct tribunals, a single
         board of judiciary, the High Court of Justice, being
         established for the trial of all classes of civil
         cases. --Wharton.
         [1913 Webster]

   2. The department of state having charge of the collection
      and management of the royal revenue. [Eng.] Hence, the
      treasury; and, colloquially, pecuniary possessions in
      general; as, the company's exchequer is low.
      [1913 Webster]

   Barons of the exchequer. See under Baron.

   Chancellor of the exchequer. See under Chancellor.

   Exchequer bills or Exchequer bonds (Eng.), bills of
      money, or promissory bills, issued from the exchequer by
      authority of Parliament; a species of paper currency
      emitted under the authority of the government, and bearing
      interest.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Chancellor \Chan"cel*lor\, n. [OE. canceler, chaunceler, F.
   chancelier, LL. cancellarius chancellor, a director of
   chancery, fr. L. cancelli lattices, crossbars, which
   surrounded the seat of judgment. See Chancel.]
   A judicial court of chancery, which in England and in the
   United States is distinctively a court with equity
   jurisdiction.
   [1913 Webster]

   Note: The chancellor was originally a chief scribe or
         secretary under the Roman emperors, but afterward was
         invested with judicial powers, and had superintendence
         over the other officers of the empire. From the Roman
         empire this office passed to the church, and every
         bishop has his chancellor, the principal judge of his
         consistory. In later times, in most countries of
         Europe, the chancellor was a high officer of state,
         keeper of the great seal of the kingdom, and having the
         supervision of all charters, and like public
         instruments of the crown, which were authenticated in
         the most solemn manner. In France a secretary is in
         some cases called a chancellor. In Scotland, the
         appellation is given to the foreman of a jury, or
         assize. In the present German empire, the chancellor is
         the president of the federal council and the head of
         the imperial administration. In the United States, the
         title is given to certain judges of courts of chancery
         or equity, established by the statutes of separate
         States. --Blackstone. Wharton.
         [1913 Webster]

   Chancellor of a bishop or Chancellor of a diocese (R. C.
      Ch. & ch. of Eng.), a law officer appointed to hold the
      bishop's court in his diocese, and to assist him in matter
      of ecclesiastical law.

   Chancellor of a cathedral, one of the four chief
      dignitaries of the cathedrals of the old foundation, and
      an officer whose duties are chiefly educational, with
      special reference to the cultivation of theology.

   Chancellor of the Duchy of Lancaster, an officer before
      whom, or his deputy, the court of the duchy chamber of
      Lancaster is held. This is a special jurisdiction.

   Chancellor of a university, the chief officer of a
      collegiate body. In Oxford, he is elected for life; in
      Cambridge, for a term of years; and his office is
      honorary, the chief duties of it devolving on the vice
      chancellor.

   Chancellor of the exchequer, a member of the British
      cabinet upon whom devolves the charge of the public income
      and expenditure as the highest finance minister of the
      government.

   Chancellor of the order of the Garter (or other military
      orders), an officer who seals the commissions and mandates
      of the chapter and assembly of the knights, keeps the
      register of their proceedings, and delivers their acts
      under the seal of their order.

   Lord high chancellor of England, the presiding judge in the
      court of chancery, the highest judicial officer of the
      crown, and the first lay person of the state after the
      blood royal. He is created chancellor by the delivery into
      his custody of the great seal, of which he becomes keeper.
      He is privy counselor by his office, and prolocutor of the
      House of Lords by prescription.
      [1913 Webster]

WordNet (r) 3.0 (2006):

Chancellor of the Exchequer
    n 1: the British cabinet minister responsible for finance [syn:
         Chancellor of the Exchequer, Chancellor]