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Money and Banking

12.1 Madi Gordon

QuestionAnswer
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a record of the amount of money a customer has deposited into or withdrawn from a bank.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