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Definitions

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
coin   metallic form of money  
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currency   both coin and paper money  
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commercial bank   a financial institution that offers full bacnking services  
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Savings and Loans Association   financial institutions that traditionally loaned moneyto people buying homes  
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credit union   Non profit service cooperative that accepts deposits, makes loans, and provides other financial services  
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cerntral bank   an institution that lends money to other banks  
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Federal Open Market committee   the most powerful committee of the fed, because it makes decisions that affect the economy  
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discount rate   the interest rate the fed charges on its loans  
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reserve   a certain percentage of deposite that banks have to set aside as cash in their own vaults or as deposite in there federal reserve.  
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open market operations   purchase or sale of US government bonds and tresury bills  
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checking account   an account in which deposited money can be withdrawn at anytime by writing a check  
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saving account   an account in which costomers receive interest based on how much money they have deposited  
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certificate of deposite   timed deposite that states the smount of the deposite  
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