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Money and Banking
BTC 12.1
| Question | Answer |
|---|---|
| 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| A record of the amount of money a customer has deposited or withdrawn from a bank.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
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