Money
What US dollar considered?
FIAT MONEY/ FIAT CURRENCY
It is not backed by any physical commodity, such as gold or silver. It only has value because many people accept it.
An account at a bank
CHECKING ACCOUNT
Automatic Teller Machine
ATM CARDS
What Benjamin is on
CASH
The US Dollar is____which means it must accepted as payment.
LEGAL TENDER
Insures every bank account up to $250,000
FEDERAL DEPSOIT INSURANCE CORPORATION (FDIC)
Banks take deposits and make loans to encourage you to use banks.
Pay a credit later-borrowing
CREDIT CARD
Written document that quarantes the amount of money will be paid to the person/company
MONEY ORDER
How easy it is to convert something into cash
LIQUIDITY
Something that would be hard to sell would be ILLIQUID
Contract you write that instructs your bank to make a payment
PERSONAL CHECK (technically)
It is NOT a guaranteed form of payment because you can write a check without having enough money in your account to pay the check.
Linked directly to your checking account, can be used instead of cash
DEBIT CARD
The person or company getting paid
PAYEE
Protection where your bank will pay a check you write, or honor your debit card transaction
OVERDRAFT
Debit cards require what?
PIN NUMBER
Set this up in your checking account to make payments
AUTO PAYMENT
Simple process of comparing your personal records with your bank statement to ensure they match.
RECONCILE