Midterm-Finance

Front 1

Money

Back 1

Anything used by society as a medium of exchange, and is widely acceptable for the payment of goods and services without questionning the integrity of the person offering it.

Front 2

Barter system

Back 2

Direct exchange or swapping of goods for goods, services for services, g for s or s for g.

First stage of monetary development

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Goldsmith

Back 3

Develop the use of money by accepting gold bullions to be converted into coins; gold deposits for safe keeping

Front 4

Minting of coins

Back 4

Gold bullions were converted into coins

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Coins

Back 5

First type of modern money

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Banko Sentral ng Pilipinas

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Security mint; power of issuing notes and coins

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Medium of exchange

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Enables goods and services to be transferred from person to person; means of exchange

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Medium of exchange

Back 8

Enables goods and services to be transferred from person to person; means of exchange

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Standard to measure the value of goods and services

Back 9

Yardstick in the pricing of things

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Store of value

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Can be kept for future use;

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By saving and by investing

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Two ways of keeping money for future use

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By saving and by investing

Back 12

Two ways of keeping money for future use

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Industrial business

Back 13

Manufacture of goods, transformation of raw materials into finished products, extraction of minerals

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By saving and by investing

Back 14

Two ways of keeping money for future use

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Industrial business

Back 15

Manufacture of goods, transformation of raw materials into finished products, extraction of minerals

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Commercial business

Back 16

Bridging the gap between producer and consumer; retailer and wholesale trades; dealing with cargo transport

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By saving and by investing

Back 17

Two ways of keeping money for future use

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Industrial business

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Manufacture of goods, transformation of raw materials into finished products, extraction of minerals

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Commercial business

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Bridging the gap between producer and consumer; retailer and wholesale trades; dealing with cargo transport

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Servicing business

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Rendering of services

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Means of deferred payment

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Enables people to but goods on credit; g & s can be obtained at the present time in exchange for a promise to pay at a future date

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Means of deferred payment

Back 22

Enables people to but goods on credit; g & s can be obtained at the present time in exchange for a promise to pay at a future date

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General Acceptability

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Willingness of people to accept the money in exchange for goods and services; acceptable to everybody in a specific territory

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Means of deferred payment

Back 24

Enables people to buy goods on credit; g & s can be obtained at the present time in exchange for a promise to pay at a future date

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General Acceptability

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Willingness of people to accept the money in exchange for goods and services; acceptable to everybody in a specific territory

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Stability of value

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Purchasing power of money should not change abruptly; change should be gradual

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Portability

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Quality of money being easily carried from place to place

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Liquidity

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Magnitude of the cost of converting an asset into money

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Cognizability

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Can be easily distinguished from other kinds of money

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Cognizability

Back 30

Can be easily distinguished from other kinds of money

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Divisibility

Back 31

Capable of being divided into smaller denominations without impairing the value of the whole

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Cognizability

Back 32

Can be easily distinguished from other kinds of money

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Divisibility

Back 33

Capable of being divided into smaller denominations without impairing the value of the whole

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Homogeneity

Back 34

Divided into equal parts with equal weight and fineness; made of the same material and possess equal value

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Cognizability

Back 35

Can be easily distinguished from other kinds of money

Front 36

Divisibility

Back 36

Capable of being divided into smaller denominations without impairing the value of the whole

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Homogeneity

Back 37

Divided into equal parts with equal weight and fineness; made of the same material and possess equal value

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Elasticity

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Volume of money being capable of manipulation by monetary authorities

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Durability

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Enables money to withstand wear and tear

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Durability

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Enables money to withstand wear and tear

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Commodity money

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Has a commodity value or value of its own; modern types are gold and silver

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Durability

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Enables money to withstand wear and tear

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Commodity money

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Has a commodity value or value of its own; modern types are gold and silver

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Credit money

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Credit instrument that is widely acceptable in payment for goods and services and in the settlement of existing debts and obligations

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Representative paper money

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Backed up by 100% gold and silver; adopts full gold or silver standard

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Fiduciary paper money

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Backed up by partial gold and silver; adopts gold exchange standard

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Bank notes

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Promise of a bank to pay the bearer or holder of the note a sum certain in standard money upon demand or presentation of the note

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Fiat money

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Kind of paper money whose money value has no relationship at all with the instrinsic value

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Legal tender

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Ciculates because of its legal tender power

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Coinage

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Process of making uniform coins from metals and stamping with a specific design as a guaranty of weight and fineness and integrity of the country

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Coinage

Back 51

Process of making uniform coins from metals and stamping with a specific design as a guaranty of weight and fineness and integrity of the country

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Coin

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Product of coinage; mass of metal cast in some convenient shape with a definite weight and fineness

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Fineness

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Ratio of pure gold and silver to the total weight of the coin

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Fineness

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Ratio of pure gold and silver to the total weight of the coin

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Mint

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Place or factory where coins are manufatured or minted

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Gratuitious coinage

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Minting without any charge or any expenses except for the delay involved

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Gratuitious coinage

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Minting without any charge or any expenses except for the delay involved

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Brassage

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Fee charged by the government to mint metals into coins

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Gratuitious coinage

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Minting without any charge or any expenses except for the delay involved

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Brassage

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Fee charged by the government to mint metals into coins

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Seigniorage

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More than the cost of mining

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Gratuitious coinage

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Minting without any charge or any expenses except for the delay involved

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Brassage

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Fee charged by the government to mint metals into coins

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Seigniorage

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More than the cost of minting

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Limited coinage

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Converts metals into coins only at its option;