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BankFinance_Unit1
Banking & Finance Unit 1 - Fundamental Principles of Money
| Term | Definition |
|---|---|
| Money | something generally accepted as a medium of exchange, a measure of value or a means of payments (Merriam-Webster Dictionary) |
| Currencies | system of money in general use in a country |
| Coin | type of money made with metal, stamped and issued by the authority of government |
| Government Bond | form of debt issued by a national government |
| Banknotes | promissory notes issued by a Federal Reserve Bank |
| Treasury Bonds (T-Bonds) | type of treasuries which have the longest maturities of all government bonds |
| Treasury Notes (T-Notes) | type of government bond issued with shorter maturities than T-bonds |
| Treasury Bills (T-Bills) | government bonds issued with terms of four, 13, 26 or 52 weeks |
| Cash | form of legal tender which can be used to exchange goods, debt or services |
| Debit Card | payment card which provides the cardholder electronic access to their bank account |
| Credit Card | payment card issued by a bank to cardholders as a method of payment |
| Personal Check | slip of paper which allows the user to make a payment from his or her bank account to a business or individual |
| Electronic Funds Transfer | wire transfer of money from one bank account to another |
| Money Supply | total amount of monetary assets available in a country’s economy at a specific time |
| Money Demand | desired holding of financial assets in the form of money– cash and bank deposit |
| Continentals | paper currency issued in 1775 by the Continental Congress |
| Gold Standard | standard mass of gold defines the value of a currency unit |
| Basic Functions of Money | store of value, unit of account, medium of exchange |
| US Nickel | obverse side is President Thomas Jefferson & reverse side is Monticello (his home) |
| Government Bonds | Treasury Bonds, Treasury Notes, Treasury Bills |
| US Dime | obverse side is President Franklin D. Roosevelt & the reverse side is the torch |
| Currencies once used in the US | British currency, Spanish currency, French currency |
| US $20 bill | obverse side is President Andrew Jackson & reverse side is The White House |
| Philadelphia | location of the first bank of the United States |
| Gold Standard Act | an act where gold became the official US standard unit of currency in 1900 |
| 1929-1939 | the length of the Great Depression in the US |
| unit of account | a standard monetary unit of measurement of value that provides a common base of price |
| US $50 bill | obverse side is President Ulysses S. Grant & reverse side is the US Capitol |
| US Treasury Department | the government department that issues government bonds and creates currency and coinage |
| free banking era | the time from 1836-1865 where there was no central bank in the US |
| National Currency Act | 1863 act where national bank notes were created |
| 12 | the number of locations of The Federal Reserve has around the US |
| fiat money | a type of currency a government has declared legal tender, but not backed by a physical commodity |
| credit cards | are not considered a form of currency |
| FDIC | created to insure bank deposits after the major monetary losses that helped begin the Great Depression |
| 1971 | when the US gold standard was completely replaced with fiat money by President Richard Nixon |
| National Bank Act | an act passed in 1864 by President Lincoln creating a Comptroller of the Currency |
| forms of financial exchange | cash, credit cards, debit cards, personal checks, & electronic funds |
| The Fed | the short name for The Federal Reserve, the central bank of the United States |
Created by:
Mr.Johnston
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