All About The Money
Checking and Savings
Characteristics
Vocab
This and That
W!SE
100
The Gold Standard
A monetary system where a country's currency or paper money has a value directly linked to gold
100
To match your records to the banks records
The purpose of a bank statement
100
Uniformity
Able to count and measure money accurately
100
Compound Interest
Interest earned on interest
100
Barter
The direct exchange of one set of goods or services for another
100
How new coins and currency make their way into the general economy.
The Federal Reserve
200
M2
All of the money included in M1 plus the money in investments.
200
To prove they paid a bill/payee
Why a person might need a copy of a check written in the past that was cashed?
200
Divisibility
Easily divided into smaller denominations.
200
Interest
the price paid for the use of borrowed money
200
Apple pay
An example of a digital wallet
200
What the term "The Fed" is short for.
The Federal Reserve
300
Commodity Money
Money that has a value of it's own
300
A check register
300
M1
Currency, demand deposits and savings deposits
300
Liquidity
the ability to be used, or directly converted into, cash
300
An innovative payment network and a new kind of money.
Bitcoin
300
Monetary Policy
How the Federal Reserve regulates the nation's money supply
400
Venmo
An example of a digital wallet
400
You are considered an owner of the institution.
Credit Union
400
Representative Money
Money that only has value with the issuer of the money.
400
POS
Point of Sale Transactions. You and your card are at the transaction.
400
How banks use savings account deposits
To give loans to consumers and businesses
400
Open loop gift card
A Visa gift card
500
FIAT Money
Considered money because the Government says it's money
500
The balance on 3/15
$.22
500
A characteristic of money that crypto currency has not established yet?
Acceptability
500
Foreclosure
The seizure of property from lenders who are unable to pay back their loans
500
Debit Card
Takes money out of your checking account immediately.
500
Wages
Income from employment
600
Compound Interest
The type of interest that earns the most
600
$19.21
600
Durability
Able to withstand the physical wear and tear that comes with being used over and over again.
600
Mortgage
a specific type of loan that is used to buy real estate
600
ATM's, Paper Checks, Direct Deposit
Services offered by Financial Institutions.
600
Debit card purchases
Purchases immediately deducted from your checking account.
700
Use your ATM Card, go to the bank or write a check.
Ways to get money out of your checking account
700
$1357.75
The amount of the debits
700
Dependable People Deliver Uncut Logs Abroad
Durability Portability Divisibility Uniformity Limited Supply Acceptability
700
An example of a predatory lender
Check Cashing Company
700
An example of a predatory lender
Payday lenders
700
Notify the US Treasury Department
If a deposit of $10,000 or more into a bank account the bank is required to notify.