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Money and Banking
12.1 Madi Gordon
| Question | Answer |
|---|---|
| standard of value and a means of exchange or payment. | Money |
| coins, currency, checks, and debit cards | Monetary system |
| 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 |
| electronic transfer of a payment directly from the payers bank account to that of the party being paid. | Direct Deposit |
| property of goods pledged by a borrower to use as security against a loan if it is not repaid. | Collateral |
| a firm that manages money | financial institution |
| a record of the amount of money a customer has deposited into or withdrawn from a bank. | bank account |
| money taken out | withdrawl |
| money put in a bank account | deposit |
| 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 valuables. | safe-deposit box |
| to get as ones own | acquire |
| firmly established | stable |
| of first rank, importance, or value. | primary |
| free from risk or loss | secure |
| to give or transfer formally | granted |
| an interest bearing certificate of public or private indebtedness. | bonds |
| to watch, keep track of, or check. | monitors |
| characterized by a ready capability to adapt to new, different, or changing requirements. | flexible |
| funds set aside for emergencies, such as a rush of withdrawls | reserves |
| offer the entire range of banking services, such as checking and savings accounts, loans, and financial advice. | commercial banks |
| financial institutions that hold custimers funds interest- bearing accounts and invest mainly in mortgage loans. | savings and loan companies |
| 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 banks charge. | finance companies |
| not only provide protection against problems but offer loans to businesses and consumers. | insurance companies |
| sell stocks and bonds may also offer a wide range of financial services. | brokerage firms |
| central bank of the United States. | federal reserve system |
| trade of goods and services directly for other goods. | Barter |
| anything that is generally accepted as a measure of value and of wealth. | medium of exchange |
| way to measure the weight, amount, size, or value of goods and services. | standard of value |
| holds its value over time and can be stored or saved. | store of value |
| If the supply of an item is overly plentiful it loses its value and cannot serve as money or a store of value since it would have little worth. | scarce |
| willing to take money in exchange for goods and services. | accepted |
| into parts | divisible |
| able to move | portable |
| able to last | durable |
| to make a copy of something in order to defraud or decieve people. | counterfit |
| place or leave it for preservation or later use. | store |
| a loan used to buy real estate. | mortgage loan |
| a loan made to business to buy supplies and equipment. | commercial loan |
| a loan made to an individual to pay for personal items. | individual loan |
| credit arrangement in which a financial institution agrees to lend a specific amount of money to be used at any time. | line of credit |
Created by:
madilyn_gordon
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