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Banking & Finance Unit 1 - Fundamental Principles of Money

Money something generally accepted as a medium of exchange, a measure of value or a means of payments (Merriam-Webster Dictionary)
Currencies system of money in general use in a country
Coin type of money made with metal, stamped and issued by the authority of government
Government Bond form of debt issued by a national government
Banknotes promissory notes issued by a Federal Reserve Bank
Treasury Bonds (T-Bonds) type of treasuries which have the longest maturities of all government bonds
Treasury Notes (T-Notes) type of government bond issued with shorter maturities than T-bonds
Treasury Bills (T-Bills) government bonds issued with terms of four, 13, 26 or 52 weeks
Cash form of legal tender which can be used to exchange goods, debt or services
Debit Card payment card which provides the cardholder electronic access to their bank account
Credit Card payment card issued by a bank to cardholders as a method of payment
Personal Check slip of paper which allows the user to make a payment from his or her bank account to a business or individual
Electronic Funds Transfer wire transfer of money from one bank account to another
Money Supply total amount of monetary assets available in a country’s economy at a specific time
Money Demand desired holding of financial assets in the form of money– cash and bank deposit
Continentals paper currency issued in 1775 by the Continental Congress
Gold Standard standard mass of gold defines the value of a currency unit
Basic Functions of Money store of value, unit of account, medium of exchange
US Nickel obverse side is President Thomas Jefferson & reverse side is Monticello (his home)
Government Bonds Treasury Bonds, Treasury Notes, Treasury Bills
US Dime obverse side is President Franklin D. Roosevelt & the reverse side is the torch
Currencies once used in the US British currency, Spanish currency, French currency
US $20 bill obverse side is President Andrew Jackson & reverse side is The White House
Philadelphia location of the first bank of the United States
Gold Standard Act an act where gold became the official US standard unit of currency in 1900
1929-1939 the length of the Great Depression in the US
unit of account a standard monetary unit of measurement of value that provides a common base of price
US $50 bill obverse side is President Ulysses S. Grant & reverse side is the US Capitol
US Treasury Department the government department that issues government bonds and creates currency and coinage
free banking era the time from 1836-1865 where there was no central bank in the US
National Currency Act 1863 act where national bank notes were created
12 the number of locations of The Federal Reserve has around the US
fiat money a type of currency a government has declared legal tender, but not backed by a physical commodity
credit cards are not considered a form of currency
FDIC created to insure bank deposits after the major monetary losses that helped begin the Great Depression
1971 when the US gold standard was completely replaced with fiat money by President Richard Nixon
National Bank Act an act passed in 1864 by President Lincoln creating a Comptroller of the Currency
forms of financial exchange cash, credit cards, debit cards, personal checks, & electronic funds
The Fed the short name for The Federal Reserve, the central bank of the United States
Created by: Mr.Johnston