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Chapter 24

TermDefinition
COIN Metalic forms of money such as pennies and nickles.
CURRENCY Includes both coins and paper money.
COMMERCIAL BANK Financial institutions that offer full banking services to individuals and businesses.
SAVINGS AND LOAN ASSOCIATIONS (S&L) Financial institution that traditionally loaned money to people buying homes.
CREDIT UNION Work on a not-for-profit basis.
CENTRAL BANK The Federal Reserve Systems, known as the Fed.
FEDERAL OPEN MARKET COMMITTEE (FOMC) Makes the decisions that affect the economy as a whole.
MONETARY POLICY The controlling of the supply of money and the cost of borrowing money according to the needs of the economy.
DISCOUNT RATE The rate the Fed charges member banks for loans.
RESERVE A certain percentage of deposits that banks have to set aside as cash in their own vaults or as deposits in their Federal Reserve district bank.
OPEN MARKET OPERATIONS The purchase or sale of U.S governments bonds and treasuty bills.
CHECKING ACCOUNT Allow costumers to write checks or to use check or debit cards.
SAVINGS ACCOUNTS Banks pay interest to customers based on how much money they have deposited.
CERTIFICATE OF DEPOSIT Requires a saver to deposit his or her funds for a certain period of time.
Created by: ILIANAE
 

 



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