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Unit 6

QuestionAnswer
Bank Panic A situation in which many banks fail because they are not able to meet the demands of their depositors for cash.
Federal Reserve System The name of the central bank of the United States.
Central Bank A bank whose functions include controlling the nation's money supply.
Check Clearing The process in which the Federal Reserve transfers checks and money between banks.
Commercial Bank A bank that provides checking accounts and savings accounts, and makes loans for a variety of purposes.
Credit Union A kind of banks that is owned by members who belong to a certain company or group.
Federal Deposit Insurance Corporation A corporation that insures bank deposits up to $100,000.
Created by: Drew_St