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B&F Principle Unit 4

Banking and Finance Principles Unit 4

Aggregate Measures Tools used to estimate the size of the money supply
Annual Percentage Rate Nominal rate on which interest is calculated per year
Annual Percentage Yield Effective rate of interest when compounding is factored in
Certificate of Deposit Savings instrument with fixed interest rate and fixed maturity date
Checking Account An account which allows the holder to write checks against deposited funds
Commodity Money Currency based on some item of value, such as gold or precious stones
Compound Interest Return calculated by adding interest to principal for next interval
Demand Deposit Deposit payable on demand whenever the depositor chooses
Discount Rate Interest rate that the Fed charges for loans to member banks
Excess Reserves Those reserves held by a bank beyond its reserve requirement; used to create money
Federal Funds Rate Interest charged for short-term, interbank loans
Fiat Money Money deemed legal tender by the government but not based on or convertible by a commodity
Fractional-Reserve System Practice of reserving only part of a deposited quantity
Interest Price paid for the use of money
Liquidity The measure of how quickly things may be converted to something of value like cash
Money Market Deposit Account Savings account earning a competitive interest rate from invested deposits
Money Supply Liquid assets held by banks and individuals
Multiplier Effect Phenomenon that creates new deposits from lending
Primary Reserves Cash on hand, deposits due from banks, and the percentage required by the Federal Reserve System
Prime Rate Interest rate banks charge their best and most reliable customers
Secondary Reserves Reserves other than primary reserves ex: Federal securities
Statement Savings Account Provides a monthly or quarterly computerized statement detailing all account activity
Time Deposit Deposit held for or maturing at a specified time; savings accounts, CDs, and money market accounts
Transaction Account Account that allows transactions to occur at any time and in any number
M1 A category of the money supply that can be spent immediately; includes transaction accounts
Basic A type of checking account that offers few simple services for a minimal cost
Maturity Date The date on which a certificate of deposit is paid
Principal The beginning amount used to calculate interest
Joint Account Two or more owners, each of whom has equal and independent access to it
Created by: enix
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