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Chapter 24 Vocab

Money and Banking

TermDefinition
Coins Metallic form of money such as pennies, nickels, and dimes
Currency Both Coins and paper money
Commercial Banks A financial Institution that offers full banking to individuals and businesses
Savings and Loan Associations Financial Institutions that traditionally loaned money to people buying homes
Credit Unions Nonprofit organizations that accepts deposits and makes loans
Central Bank An institution that loans money to other banks
Federal Open Market Committee The most powerful committee of the fed
Monetary Policy Policy that involves the changing rate of money and supply in circulation
Discount Rate The interest rate the fed charges on its loan
Reserve A certain percentage of deposites that banks have to set asside as cash in their own vaults or for the federal reserve
Open Market Operations Purchase and sale of US treasury bills or bonds
Checking Accounts An account which deposited money can be withdrawn at any tie by writing a check
Savings Accounts An account in which customers receive interest based on how much money on people to buying homes
Certificates of Deposite Timed deposit that states the amount of the deposit, maturity and rate of interest is being paid.
Created by: alecperrell
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