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chapter 24

TermDefinition
coin a piece of metal stamped and issued by the authority of a government for use as money.
currency something that is used as a medium of exchange
commercial bank a bank specializing in checking accounts and short-term loans.
savings and loan association a cooperative savings institution, chartered and regulated by a state or the federal government, that receives deposits in exchange for shares of ownership and invests its funds chiefly in loans secured by first mortgages on homes.
credit union a cooperative group that makes loans to its members at low rates of interest
central bank a bank, as the Federal Reserve Bank, that holds basic banking reserves, issues currency, and acts as lender of last resort and controller of credit
federal open market committe the most powerful committee of the fed because it makes the decisions that affect the economy as a whole by manipulating the money supply
monetary policy An attempt to achieve broad economic goals by the regulation of the supply of money
discount rate the rate of interest charged in discounting commercial paper
reserve a certain percentage of deposits that banks have to set aside as cash in their own vaults or as deposits in there federal reserve district bank
open market operations purchase or sale of US government bonds and treasury bills
checking account a bank deposit against which checks can be drawn by the depositor.
savings account a bank account on which interest is paid, traditionally one for which a bankbook is used to record deposits, withdrawals, and interest payments.
certificate of deposit a written acknowledgment of a bank that it has received from the person named a specified sum of money as a deposit, often for a fixed term at a specified interest rate.
Created by: jordanwoody1
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