chapter 24 Word Scramble
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| Term | Definition |
| coin | metallic form of money such as pennies nickels and dimes |
| currency | both coins and paper money |
| commercial bank | a financial institution that offers full banking services to individuals and businesses |
| savings and loan association | financial institution that traditionally loaned money to people buying homes |
| credit union | nonprofit service cooperative that accepts deposits makes loans and provides other financial services |
| central bank | an institution that lends money to other banks also the place where the government does its banking business |
| federal open market committee FOMC | the most powerful committee of the fed because it makes the decisions that affect the economy as a whole by manipulating the money supply |
| monetary policy | policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit |
| discount rate | the interest rate the fed charges on loans |
| reserve | a certain percentage of deposits that banks have to set aside as cash in their own vaults or as deposits in their federal reserve bank |
| open market operations | purchase or sale of us government bonds and treasury bills |
| checking account | an account in which deposited money can be withdrawn at any time by writing a check |
| savings account | an account in which consumers receive interest based on how much money they have deposited |
| certificate of deposit | timed deposit that states the amount of the deposit maturity and the rate of interest being paid |
Created by:
ColeGillespie
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