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Money and Banking

BTC 12.1

QuestionAnswer
A standard of value used for exchanging and payment. Money
Coins, currency, checks, and debit cards. Monetary System
A firm that manages money. Financial Institution
A record of the amount of money a customer has deposited or withdrawn from a bank. Bank Account
Money put into a bank. Deposit
Money taken out of a bank. Withdrawal
The rate at which a bank pays customers for keeping their money in the bank. Interest
Allows money to be transfered from one bank account to another through a network of computers. Electronic Funds Transfer
An electronic transfer of a payment directly from the payers bank account. Direct Deposit
Property of goods pledged by a borrower to use as security against a loan if it isn't repaid. Collateral
An agreement in which a borrower gives the lender the right to take the property if the loan isn't repaid. Mortgage
A secure box in a banks vault used for the safe storage of a customer's valuables. Safe Deposit Box
Buy or obtain (an asset or object) for oneself. Acquire
Not likely to change or fail; firmly established. Stable
Of chief importance; principal. Primary
Fixed or fastened so as not to give way, become loose, or be lost. Secure
Trade goods and services directly for other goods or services. Barter
Anything that is generally accepted as a measure of value and of wealth. Medium of Exchange
A way to measure the weight, amount, size, or value of something. Standard of Value
When money holds its value over time and can be stored or saved. Store of Value
Not much of. How scarce an item is determines its value. Scarce
To be taken in exchange of something. Accepted
Able to be divided into parts. Divisable
Able to be carried from place to place. Portable
Able to survive the wear and tear of everyday life... or wallets. Durable
To make an exact copy or something in order to defraud or decieve people. Counterfeit
To place or leave something for preservation or later use. Store
A loan used to buy real estate. Mortgage Loan
A loan made to businesses to buy supplies. Commercial Loan
A loan made to an individual to pay for personal items. Individual Loan
A credit arrangement in which a financial institution agrees to lend a specific amount of money to be used at any time for any perpose. Line of Credit
Created by: zachary_franz