Banking & Finance Unit 1 - Fundamental Principles of Money
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| Money | something generally accepted as a medium of exchange, a measure of value or a means of payments (Merriam-Webster Dictionary)
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| Currencies | system of money in general use in a country
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| Coin | type of money made with metal, stamped and issued by the authority of government
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| Government Bond | form of debt issued by a national government
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| Banknotes | promissory notes issued by a Federal Reserve Bank
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| Treasury Bonds (T-Bonds) | type of treasuries which have the longest maturities of all government bonds
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| Treasury Notes (T-Notes) | type of government bond issued with shorter maturities than T-bonds
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| Treasury Bills (T-Bills) | government bonds issued with terms of four, 13, 26 or 52 weeks
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| Cash | form of legal tender which can be used to exchange goods, debt or services
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| Debit Card | payment card which provides the cardholder electronic access to their bank account
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| Credit Card | payment card issued by a bank to cardholders as a method of payment
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| Personal Check | slip of paper which allows the user to make a payment from his or her bank account to a business or individual
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| Electronic Funds Transfer | wire transfer of money from one bank account to another
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| Money Supply | total amount of monetary assets available in a country’s economy at a specific time
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| Money Demand | desired holding of financial assets in the form of money– cash and bank deposit
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| Continentals | paper currency issued in 1775 by the Continental Congress
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| Gold Standard | standard mass of gold defines the value of a currency unit
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| Basic Functions of Money | store of value, unit of account, medium of exchange
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| US Nickel | obverse side is President Thomas Jefferson & reverse side is Monticello (his home)
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| Government Bonds | Treasury Bonds, Treasury Notes, Treasury Bills
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| US Dime | obverse side is President Franklin D. Roosevelt & the reverse side is the torch
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| Currencies once used in the US | British currency, Spanish currency, French currency
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| US $20 bill | obverse side is President Andrew Jackson & reverse side is The White House
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| Philadelphia | location of the first bank of the United States
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| Gold Standard Act | an act where gold became the official US standard unit of currency in 1900
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| 1929-1939 | the length of the Great Depression in the US
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| unit of account | a standard monetary unit of measurement of value that provides a common base of price
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| US $50 bill | obverse side is President Ulysses S. Grant & reverse side is the US Capitol
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| US Treasury Department | the government department that issues government bonds and creates currency and coinage
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| free banking era | the time from 1836-1865 where there was no central bank in the US
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| National Currency Act | 1863 act where national bank notes were created
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| 12 | the number of locations of The Federal Reserve has around the US
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| fiat money | a type of currency a government has declared legal tender, but not backed by a physical commodity
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| credit cards | are not considered a form of currency
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| FDIC | created to insure bank deposits after the major monetary losses that helped begin the Great Depression
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| 1971 | when the US gold standard was completely replaced with fiat money by President Richard Nixon
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| National Bank Act | an act passed in 1864 by President Lincoln creating a Comptroller of the Currency
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| forms of financial exchange | cash, credit cards, debit cards, personal checks, & electronic funds
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| The Fed | the short name for The Federal Reserve, the central bank of the United States
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