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Unit 6
Question | Answer |
---|---|
Bank Panic | A situation in which many banks fail because they are not able to meet the demands of their depositors for cash. |
Federal Reserve System | The name of the central bank of the United States. |
Central Bank | A bank whose functions include controlling the nation's money supply. |
Check Clearing | The process in which the Federal Reserve transfers checks and money between banks. |
Commercial Bank | A bank that provides checking accounts and savings accounts, and makes loans for a variety of purposes. |
Credit Union | A kind of banks that is owned by members who belong to a certain company or group. |
Federal Deposit Insurance Corporation | A corporation that insures bank deposits up to $100,000. |