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15 Cards in this Set

  • Front
  • Back
metallic form of money such as pennies, nickels, and dimes
both coins and paper money
Commercial Bank
a financial institution that offers full banking services to individuals and businesses
Savings and Loan Association (S&L)
financial institutions that traditionally loaned money to people buying homes
Credit Union
nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services
Federal Deposit Insurance Corporation
federal agency that insures individual accounts in financial institutions for up to $100,000
Central Bank
an institution that lends money to other banks; also the place where the government does its banking business
Federal Open Market Comittee (FOMC)
the most powerful comittee of the Fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply
Monetary Policy
policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit
Discount Rate
the interest rate the Fed charges on its loans
a certain percentage of deposits that banks have to set aside as cash in their own vaults or as deposits in their Federal Reserve district bank
Open Market Operations
purchase or sale of U.S. government bonds and Treasury bills
Checking Account
an account in which deposited money can be withdrawn at any time by writing a check
Savings Account
an account in which customers receive interest based on how much money they have deposited
Certificate of Deposit (CD)
timed deposit that states the amount of the deposit, maturity, and rate of interest being paid