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Chapter 24
| Term | Definition |
|---|---|
| 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. |
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ILIANAE
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