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16 Cards in this Set
- Front
- Back
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money
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standard of value
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monetary system
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coins, currency, checks and debt cards are used in it
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financial institution
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a firm that manages money
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bank account
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record of the amount of money a customer has deposited
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Deposit
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when you put money in the bank
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withdrawl
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when you take money out of the bank
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interest
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is the rate that a bank pays it customers for putting their money in their.
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direct deposit
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the electronic transfer of money
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collateral
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is property or goods pledged by a borrower as security
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mortgage
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is an agreement in which a borrower gets money
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safe-deposit
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is a secure box where you can hold valuables
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commercial banks
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offer an entire range of banking
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saving and loan associations
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are finacial institutions who lend money and hold money
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credit unions
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are non profit banks set up for their employees use
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mortgage companies
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they lend you money for your house
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reserves
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are funds set aside for emergencies such as a rush of withdrawls
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