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24 Cards in this Set

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coins and paper money

currency

an advance of money to be repaid in installments over a long period of time

long-termcredit

an advance of money to be repaid within a short amount of time

short-termcredit

a legal declaration that a person or corporation cannot pay his or her or its debts

bankruptcy

people who are owed money

creditors

property used to guarantee that a loan will be repaid

collateral

a type of bank originally established to help people buy homes

savings and loan association

banks that are owned by their members to create a pool of money for low-interest loans

credit unions

the U.S. banking system that handles the banking needs of the federal government and regulates the money supply

Federal Reserve System

the rate of interest charged by Federal Reserve banks on loans to member banks

discount rate

the process of deducting interest on a loan before money is given to the borrower

discounting

investments in which an amount of money invested for a specified period of time earns a guaranteed rate of interest

certificates of deposit (CDs)

brokerage house employees who buy and sell stock

brokers

a market where stocks are bought and sold

stock exchange

investments that reduce risk to shareholders by investing in many different stocks

mutual funds

a system of protection in which people pay small sums periodically to avoid the risk of a large loss

insurance

a payment made for insurance protection

premium

insurance individuals and companies voluntarily pay to cover unexpected losses

private insurance

the person named in an insurance policy to receive the amount of the policy when the policy holder dies

beneficiary

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

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

a federal program of health insurance for people age 65 and older

Medicare

a federal program that helps the states pay the medical costs of low income people

Medicaid

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