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24 Cards in this Set
- Front
- Back
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coins and paper money |
currency |
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an advance of money to be repaid in installments over a long period of time |
long-termcredit |
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an advance of money to be repaid within a short amount of time |
short-termcredit |
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a legal declaration that a person or corporation cannot pay his or her or its debts |
bankruptcy |
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people who are owed money |
creditors |
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property used to guarantee that a loan will be repaid |
collateral |
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a type of bank originally established to help people buy homes |
savings and loan association |
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banks that are owned by their members to create a pool of money for low-interest loans |
credit unions |
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the U.S. banking system that handles the banking needs of the federal government and regulates the money supply |
Federal Reserve System |
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the rate of interest charged by Federal Reserve banks on loans to member banks |
discount rate |
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the process of deducting interest on a loan before money is given to the borrower |
discounting |
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investments in which an amount of money invested for a specified period of time earns a guaranteed rate of interest |
certificates of deposit (CDs) |
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brokerage house employees who buy and sell stock |
brokers |
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a market where stocks are bought and sold |
stock exchange |
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investments that reduce risk to shareholders by investing in many different stocks |
mutual funds |
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a system of protection in which people pay small sums periodically to avoid the risk of a large loss |
insurance |
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a payment made for insurance protection |
premium |
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insurance individuals and companies voluntarily pay to cover unexpected losses |
private insurance |
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the person named in an insurance policy to receive the amount of the policy when the policy holder dies |
beneficiary |
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government programs that are meant to protect individuals from future hardship and that individuals are requiredto pay for by state and federal laws |
social insurance |
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a system of government insurance that provides benefits for retired people, people with disabilities, unemployed people, and people withj ob-related injuries or illnesses |
Social Security |
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a federal program of health insurance for people age 65 and older |
Medicare |
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a federal program that helps the states pay the medical costs of low income people |
Medicaid |
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investments that are similar to mutual funds but do not guarantee a specified amount of interest and are not insured by the government |
money market funds |
