1
What is a privately owned, publicly controlled, central bank of the United States?
Federal Reserve System (FED)
What is one of the three functions of money allowing people to preserve value for future use?
Store of Value
What is a sudden rush by depositors to withdraw all deposited funds, generally in anticipation of bank failure or closure?
What is a person who owns a share or shares of a stock in a corporation?
Shareholder
How does the national bank and national currency relate?
National bank is what holds the national currency.
What is money that has an alternative use as an economic good; gunpowder, flour, corn, etc?
Commodity Money
What is a commercial bank chartered by the National Banking System?
National Bank
What is the United States government institution that provides deposit insurance on the depositor's account?
Federal Deposit Insurance Corporation (FDIC)
What is a receipt showing that an investor has made and interest-bearing loan to a financial institution?
Certificate of Deposits
What does a corporation include?
The right to buy and sell property, enter into legal contracts, and to sue and be sued
What is money by government decree and has no alternative value or use as a commodity?
Fiat Money
What is a currency backed by government bonds and issued by commercial banks in the National Banking System?
National Currency
What is a nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services?
Credit Union
What is a formula used to compute the amount of a depository institution's required reserves?
Reserve Requirement
What is an example of commodity money?
Gold Coins
What is money or another substance generally accepted as payment for goods and services and is one of the three functions of money?
Medium of Exchange
What is a system in which the basic unit of currency is equivalent to, and can be exchanged for, a specific amount of gold?
Gold Standard
What is a form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual?
What is an example of fiat money?
The U.S. Dollar Bill
What are the three functions of money?
medium of exchange, a store of value, and a unit of account
What is one of the three functions of money that allows it to serve as a common denominator to measure value?
Measure of Value/Unit of Account
What is a bank that can lend to other banks in times of need, or a "bankers' bank?"
Central Bank
What is a certificate of ownership in a corporation?
Stock
How is money a kind of technology?
It is something that helps us day by day.
What is a shareholders job?
Their job is to provide oversight by voting on key company decisions, such as electing directors, and approving major changes to the company.