chapter 24 Word Scramble
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Term | Definition |
coin | metallic form of money such as pennies, nickels and dimes |
currency | both coin and paper money |
commercial bank | a financial institution that offers full banking services to individuals and businesses |
saving and loan association | a traditional institution that loans money to buy a home |
credit union | a non profit service cooperative that accepts deposits, makes loans, and provides other financial services |
central bank | the bank that gives loans to other banks, also where the government dose there banking |
federal open market committee | most powerful committee of the FED |
monetary policy | policy that involves changing the amount of money made for the amount of credit used |
discount rate | the interest rate the Fed charges on its loans |
reserve | a certain percentage of a banks own money they must put to the side for the federal reserve |
open market operations | purchase or sale of U.S. government bonds and treasury bills |
checking account | an account in which deposited money can be withdrawn at anytime by writing a check |
savings account | an account where customers receive interest based on how much money they have deposited |
certificate of deposit | timed deposit that states the amount of the deposit, maturity, and rate of interest being paid |
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robertolulecaballero
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