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Money and Banking 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 it. Monetary System
A firm that manages money. Finacial institutions
A record of the amount of money of a customer has deposited into or withdrawn from a bank. Bank account
The money put in a bank account. Deposit
The money taken out. Withdrawal
A rate that the bank pays customers for keeping their money. Interest
Allows money to be transferred from one bank account to another through a network of computers. Electronic funds transfer (EFT)
The electronic transfer of a payment directly from the payer's bank account to that of the 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
An agreement in which a borrower gives a lender the right to take the property if the loan is not repaid. Mortgage
A secure box in a banks vault used for the safe storage of a customers vaulables. Safe-deposit box
Offer the entire range of banking services, such as checking and saving accounts, loans, and financial advice. Commercial banks
Financial institutions that hold costumer's funds in interest-bearing accounts and invest mainly in mortgage loans. Savings and loan associations
Not-for-profit banks set up by organizations for their employees to use. Credit unions
Provide loans specifically for buying a home or business. Mortgage companies
Offer short-term loans to businesses and consumers, but at much higher interest rates than bank charge. Finance companies
Not only provide protection against problems such as fire and theft, but they also offer loans to businesses and consumers. Insurance companies
Sells stocks and bonds may also offer a wide range of finacial services to their customers. Brokerage firms
The central bank of the United States. Federal Reserve System
Funds set aside for emergenics, such as a rush of withdrawals. Reserves
Made to business to buy supplies and equipment. Commercial loan
It hold its value over time and can be stored or saved. Store of value
Anything that is generally accepted as a measure of value and of wealth. Medium of exchange
To place or leave Money for preservation or later use. Store money
Created by: badezimmer