Chapter 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 business |
savings and loan association (S&L) | financial institutions 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 to her banks; also, the place where the government does its banking |
Federal Open Market Committee (FOMC) | the most powerful committee of the Fed, because it makes the most 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 set aside as cash in their own vaults or as deposits in their Federal Reserve district bank |
open market operation | 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 |
savings account | an account in which customers receive interest based on how much money they have deposited |
certificate of deposit (CD) | times deposit that states the amount of the deposit, maturity, and the rate of interest being paid |
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