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T-EPF M2L2 Key Terms

Traditional EPF Module 2 Lesson 2 Key Terms

TermDefinition
Bank An institution for saving, storing, and loaning money.
Federal Reserve The central bank of the United States.
Non-Profit Businesses that operate to break even with their expenses; they do not make a profit.
Wall Street The term used to describe the financial center in New York City that is home to the New York Stock Exchange.
Savings and Loan Association A type of financial institution that started with members contributing funds for individuals to borrow to build homes; functions like a bank today.
Fiat Money Money that is valuable because the government says that it is; also known as legal tender.
Federal Deposit Insurance Corporation Insurance that protects individual accounts in banks up to $250,000 in case of bank failure.
Commercial Bank Financial institution that operates to make a profit and usually has higher fees and lower interest than other types of banks
Credit Union A type of financial institution that is owned by the members and does not operate for a profit; typically members of a particular occupation (teachers, federal employees, etc) earn higher interest and pay lower fees.
Fractional Reserve Banking Banks only keep a portion of funds that are deposited in the bank and loan out the remainder.
Certificate of Deposit Money deposited in a bank for a specific amount of time; typically yields higher interest.
Collateral Property used to secure a loan.
Money Market Account A type of savings account that yields higher interest but usually requires a minimum balance
Created by: dmcsorley13
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