Misc.
The fact that money must withstand the wear and tear that comes with being used over and over again is a measure of its ______
durability
a type of loan that is used to buy real estate
mortgage
What is the abbreviation for automated teller machine?
ATM
a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
Credit Card
T/F money is anything that serves as a medium of exchange, a unit of account, and a store of value
True
What is Fiat Money?
money that has value because the government deemed it so
Money that can be easily divided into smaller units of value has the characteristic of ________
divisibility
failure to pay back a loan
default
This card transfers money from a person's bank account to the retailer or store.
Debit card
This is the term for when things have the ability to be used as, or directly converted into cash.
Liquidity
T/F - A grant is money you have to pay back.
False
are objects that have value because the holder can exchange them for something else of value. (Checks, Debit card)
representative money
is the nations central banking system
Federal Reserve System
the price paid for the use of borrowed money
Interest
Gold Standard
A loan that is used to purchase a house.
Mortgage
T/F A "default" is the term used for failure to pay back a loan
True
are objects that have value in themselves and that are also used as money. (Gold coins, Silver coins)
Commodity of Money
The government agency that insures customer deposits if a bank fails
FDIC- Federal Deposit Insurance Corporation
the amount of money borrowed from a loan
principal
When people flooded the banks to withdrawl their money during the Great Depression
Bankrun
The direct exchange of one set of goods and services for another. (without the use of money/Trade)
barter
T/F - The 100 dollar bill is the largest denomination of money that exists right now in the US.
True
money supply
the severe economic decline that began in 1929 and lasted more than a decade
Great Depression
a person or institution to whom money is owed
Creditor
Double Jeopardy: Identify the six characteristics of money
durability
portability
divisibility
uniformity
limited supply
acceptability
Two common accounts you can open at the bank.
Checking and Savings
The largest bill every created was in 1934 and is the $100,000 bill.
True
paper currency issued during the Civil War, failed due to over printing and no backing.
Greenback