Accounts
account that allows checks to be written up to the dollar amount deposited in the account
What is a checking account?
written order authorizing the withdrawal of funds from an account
What is a check?
direct exchange of goods without a standard money form passing from hand to hand
What is barter?
bars of gold, silver, or platinum
What is bullion?
What are to punish evil and reward good?
account that allows the account holder to earn interest on deposits
What is a savings account?
established system of political administration by which a nation, state, society, or organization is ruled
What is government?
person who borrows money or capital
What is a debtor?
any form of money declared a valid means of payment
What is legal tender?
three elements that determine how much an investment grows
What are time, rate of return, and amount invested?
account that guarantees a certain interest rate and has a specific maturity date
What is a certificate of deposit (CD)?
person who lends money or capital
What is a creditor?
payments for insurance
What are premiums?
coined, metallic money
What is specie?
any three of the six characteristics of money
What are portability, durability, divisibility, homogeneity, constancy, and intrinsic valuableness?
account that allows limited transactions and pays a changeable interest rate
What is a money market account?
the resources corporations gather by selling ownership in their business
What are stocks?
contract between two parties in which one party protects the other against certain types of loss in exchange for payments
What is insurance?
how rulers/governments in the past have debased their currency
What is by adding lesser metals to their gold or silver?
What are medium of exchange, measure of value, and store of value?
pension plan requiring the employee, employer, or both to contribute regularly to a retirement account
What is a defined contribution plan?
type of fund that allows for investment in wide variety of areas
What are mutual funds?
large, complex organization composed of appointed officials and their numerous agencies and departments
What is bureaucracy?
legal tender that is backed by only a government's promise
What is fiat money?
three of the five harmful governmental practices
What are inflation/debasement of money, excessive regulation, excessive public expenditure, excessive taxation, and political plundering?