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chapter24 term
key terms
| Question | Answer |
|---|---|
| coin | are metallic forms of money such as pennies and nickles |
| currency | includes both coins and paper money |
| commercial bank | financial institutions that offer full banking services to individuals and businesses |
| savings and loan | financial institutions that traditionally loaned money to people buying homes. |
| credit union | work on a not for profit basis |
| central bank | is the federal reserve system know as the fed. |
| federal open market | a major policy making group within the fed |
| committee (FOMC) | makes the decisions that affect the economy as a whole by manipulating or controlling the money supply |
| monetary policy | controlling of the supply of money and the cost of borrowing money credit according to the needs of the economy |
| discount rate | is the rate the fed charges member banks for loans |
| reserve | requirement for member banks |
| open market | the purchase or sale of u.s government bonds and treasury bills. |
| checking account | which allow customers to write checks or to use check or debit cards |
| savings account | banks pay interest to customers 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 |
Created by:
jasminegabriela
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