Show me the money
anything that serves as a medium of exchange, a unit of account, and a store of value
money
coins and paper bills used as money
currency
a card used to withdraw money from a bank account
debit card
a paper currency issued during the Civil War
greenback
a person or institution to whom money is owed
creditor
ATM
Automatic Teller Machine
anything that is used to determine value during the exchange of goods and services
medium of exchange
objects that have value in and of themselves and that are also used as money
commodity money
the seizure of property from borrowers who are unable to repay their loans
foreclosure
a monetary system in which paper money and coins had the value of certain amounts of gold
gold standard
all the money available in the United States economy
money supply
FDIC
What is the Federal Deposit Insurance Corperation
the direct exchange of one set of goods or services for another
barter
objects that have value because the holder can exchange them for something else of value
representative money
the price paid after the use of borrowed money
interest
a bank that can lend to other banks in time of need
central bank
the ability to be used as, or directly converted into, cash
liquidity
ACH
Automated Clearing House
a means for comparing the values of goods and services
unit of account
coined money, usually gold or silver, used to back paper money
specie
the amount of money borrowed
principal
a bank that belongs to the Federal Reserve System
member bank
money in a checking account that can be paid out "on demand" or at any time
demand deposit
SNAP
Supplemental Nutrition Assistance Program
something that keeps its value if it is stored rather than spent
store of value
objects that have value because a government has decreed that they are an acceptable means to pay debts
fiat money
a widespread panic in which many people try to redeem their paper money at the same time
what is a bank run
an institution for receiving, keeping, and lending money
Bank
a fund that pools money from small savers to purchase short-term government and corporate securities
money market mutual fund
PPP
Program from 2021 that provided funding for small businesses to continue payroll during COVID
a banking system that keeps only a fraction of its funds on hand and lends out the remainder
fractional reserve banking
failing to pay back a loan
default
a specific type of loan that is used to buy developed real estate
mortgage
a bank chartered by the federal government
national Bank
a card entitling its owner to buy goods and services based on the owner's promise to pay for those goods and services
credit card
NACHA
National Automated Clearing House Association