Term | Definition |
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 |