ch. 24 Word Scramble
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Term | Definition |
coin | metallic form of money such as pennies, nickels, and dimes |
currency | both coins and paper money |
commercial bank | a financial institution that offers full banking services to individuals and businesses |
saving and loan association | financial institution that traditionally loaned money to people buying homes |
credit union | nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services |
central bank | an institution that lends money to other banks; also, the place where the government does its banking business |
federal open market committee | the most powerful committee of the Fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply |
monetary policy | policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit |
discount rate | the interest rate the Fed charges on its loans |
reserve | a certain percentage of deposits that banks have to set aside as cash in their own vaults or as deposits in their Federal Reserve district bank |
open market operations | purchase or sale of U.S. government bonds and Treasury bills |
checking account | an account in which each branch of government is able to check, or restrain, the power of the others |
saving accounts | an account in which costumers receive interest based on how much money they have deposited |
certificate of deposit | limited deposit that states the amount of the deposit, maturity, and rate of interest being paid. |
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roryhanner
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