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Chapter 24

TermDefinition
Coin Metallic form of money such as pennies, nickles, and dimes.
Currency Both coins and paper money.
Commercial Bank A financial institution that offers full banking services to individuals and businesses.
Savings and Loans Association (S&L) Financial institution that traditionally loaned money to people buying homes.
Credit Union Nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services.
Central Bank An institution that lends money to other banks; also, the place where the government does its banking business.
Federal Open Market Committee (FOMC) The most powerful committee of the Fed, because it makes the decision that affects the economy as a whole by manipulating the money supply.
Monetary Policy Policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit.
Discount Rate The interest rate the Fed charges on its loans.
Reserve A certain percentage of deposits that banks have set aside as cash in their own vaults or as deposits in their Federal Reserve district bank.
Open Market Operations Purchase or sale of U.S. government bonds and Treasury Bonds.
Checking Account An account in which deposited money can be withdrawn at any time by writing a check.
Savings account An account in which customers receive interest based on how much money they have deposited.
Certificate of Deposit Timed deposit that states the amount of the deposit, maturity, and rate of interest being paid.
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