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Argylls Ch. 12

QuestionAnswer
Standard of value and a means of exchange or payment. Money
modern society uses coins, currency, checks, and debit cards as part of monetary system
firm that manages money financial institution
record of amount of money a customer has deposited into or withdrawn from bank bank account
the money put into a bank account deposit
the money taken out of a bank account withdrawal
the rate the bank pays customers for keeping their money interest
allows money to be transferred to one bank account to another through network of computers Electronic funds transfer (EFT)
the electronic transfer of a payment directly from payer's bank account to party being paid direct deposit
property or goods pledged by a borrower to use as security against a loan if it is not repaid Collateral
agreement in which a borrower gives a lender the right to take the property if not paid mortgage
secure box in a banks vault used for the safe storage of a customers valuables safe-deposit box
offers the entire range of banking services Commercial banks
financial institutions that hold customers' funds in interest-bearing account and invest in mortgage loans savings and loan associations
not-for-profit banks set up by organization for employees use credit unions
provides loans specifically for buying homes or business mortgage companies
offer short term loans to business or consumer, but at higher rates finance companies
provides protection against loans to business and consumers insurance companies
sell stocks and bonds brokerage firms
the central bank of the united states federal reserve system (federal reserve )
funds set aside for emergencies reserves
loan used to buy real estate such as house or office building mortgage loan
loan made to businesses to buy supplies and equipment commercial loan
loan made to an individual to pay for personal items individual loan
Credit arrangement in which a financial institution agrees to lend specific amount of money line of credit
Created by: collenmetzger