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17 Cards in this Set
- Front
- Back
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Anything that people generally accept as payment for goods and services
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MONEY
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The trading of goods and services for other goods and services directly
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BARTER
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The amount of money the Federal Reserve Bank makes available for people to buy goods and services
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MONEY SUPPLY
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The money that can be accessed quickly and easily (coins and paper bills, checks, traveler's checks, etc)
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M-1
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Money included in M-1 plus money that may take a little more time to obtain (savings accounts, money market accounts, mutual funds, certificates of deposit, and the like)
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M-2
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A percentage of commercial bank's checking and savings accounts that must be physically kept in this bank (for example, as cash in the vault) or a non-interest-bearing deposit at the local Federal Reserve district bank
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RESERVE REQUIREMENT
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The interest rate that Fed charges for loans to member banks
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DISCOUNT RATE
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Financial organizations that accept no deposits but offer many of the services provided by regular banks (pension funds, insurance companies, commercial finance companies, consumer finance companies, and brokerage houses)
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NONBANKS
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Profit-making organization that receives deposits from individuals and corporations in the form of checking and savings accounts and then use some of these funds to make loans
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COMMERCIAL BANK
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The technical name for a checking account; the money in a demand can be withdrawn on demand from the depositor
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DEMAND DEPOSIT
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The technical name for a savings account; the bank can require prior notice before the owner withdraws money from a time deposit
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TIME DEPOSIT
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Financial institution that accepts both savings and checking deposits and provides home and mortgage loans
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SAVINGS AND LOAN ASSOCIATIONS
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Nonprofit, member-owned financial cooperatives that offer the full variety of banking services to their members including:
a. interest-bearing checking accounts @ relatively high rates b. short-term loans @ relatively low rates c. financial counseling d. life insurance e. home mortgage loans |
CREDIT UNIONS
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An independent agency of the US government that insures bank accounts
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FEDERAL DEPOSIT INSRUANCE CORPORATION (FDIC)
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An electronic funds transfer tool that serves the same function as checks; it withdraws funds from a checking account
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DEBIT CARD
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An electronic funds transfer tool that is a combination credit, debit, phone, driver's license card and more
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SMART CARD
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A promise that the bank will pay some specified amount @ a particular time
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BANKER ACCEPTANCE
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