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Chapter 12

Section 12.1-12.2 - Money and Banking,Types of Financial Institutions-allcorn

QuestionAnswer
A standard of value and a means of exchange or payment Money
A system in which goods and services are directly exchanged using money Monetary System
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A record of the amount of money a customer has deposited into or withdrawn from a bank Bank Account
The money put in a bank account Deposit
The money taken out Withdrawal
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 (EFT)
The electronic transfer of a payment directly from the payer's bank acccount to that of the party being paid Direct Deposit
Property or goods pledged by a borrower to use as security against a loan if it is not repaid Collateral
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 bank's vault used for the safe storage of a customer's 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
Trade goods or 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
It holds its value over time and can be stored or saved Store of Value
To be used as money an item must be Scarce
Money must be Accepted
Into parts it should be Divisible
Money also has to be Portable and Durable
To make a copy of something in order to defraud or decieve people Counterfeit
A loan used to buy real estate, such as a house or an office building Mortgage Loan
A loan made to businesses to buy supplies and equipment Commercial Loan
A loan made to an individual to pay for personal items, such as a car, home repairs, or a vacation Individual Loan
A credit arrangement in which a financial institution agrees to lend a spcific amount of money to be used at any time for any purpose Line of Credit
SECTION 12.2 TYPES OF FINANCIAL INSTITUTIONS
Offer the entire range of banking services, such as checking and savings accounts, loans and financial advice Commercial Banks
Financial institutions that hold customers' funds in interest-bearing acconts and invest mainly in mortgage loans Savings and Loan Associations
Non-for-profit banks set up by organizations for their eemployees to use Credit Unions
Provide loans same services as banks Mortgage Companies
Offer short-term loans to businesses and consumers, but at much higher interest rates than banks charge Finance Companies
Sell stocks and bonds may also offer a wide range of financial services to their customers Brokerage Firms
The central bank of the United States Federal Reserve System
Funds set aside for emergencies, such as a rush of withdrawals Reserves
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
Created by: hannah_allcorn
 

 



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