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Characteristics of Money
Uses of Money & Its Value
History of Banking
Types of Financial Institutions
Random
100
Can withstand physical wear & tear that comes with being used over & over again.
What is durability
100
Anything that is used to determine value during the exchange of goods & services.
What is medium of exchange
100
Deregulation, high interest rates, bad loans, & fraud are all causes of this.
What is savings & loan crisis
100
Offer checking services, accept deposits, & make loans.
What is commercial banks
100
Supply of money in circultation is controled.
What is limited supply
200
Has the ability to be easily carried around during the day.
What is portability
200
Providesa means for comparing the values of goods & services.
What is unit of account
200
A monetary system in which paper money and coins are equal to the value of a certain amount of gold.
What is gold standard
200
serve people who made smaller deposits & transactions than commercial banks wished to handle
What is savings banks
200
Has value because the government has decreed that it is an acceptable means to pay debts.
What is fiat money
300
Has the ability to be easily divided into smaller denominations, or units of value.
What is divisibility
300
Value is kept even when stored instead of being spent.
What is store of value
300
Insures customer deposits in a bank fails
What is FDIC (Federal Deposit Insurance Corporation)
300
Deposit funds into a large general fund & then borrow to buy houses. "thrifts"
What is savings & loan associations
400
Must be the same, people must be able to count & measure accurately.
What is uniformity
400
Objects that have value in & of themselves.
What is commodity
400
Severe economic decline that began in 1929 and lasted for more than a decade.
What is Great Depression
400
Cooperative lending associations for particular groups.
What is credit union
400
A specific type of loan that is used to buy real estate.
What is mortgage
500
Has the ability to be exchanged for goods & services.
What is acceptability
500
Makes use of objects that have value because the holder can exchange them for something else of value.
What is representative money.
500
Bank that can lend to other banks in times of need
What is central bank (Federal Reserve System)
500
Make installment loans to consumers.
What is finance companies
500
Savings accounts, checking accounts, money market accounts, & certificates of deposit (CDs) are all ways to do this.
What is save money