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Part 3 Finance Terms

Part 3 Finance Terms - Debit Card a card that looks like a...

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Finance Terms Finance: the study of money; how its made, how its lost, and how its managed money: anything generally accepted in exchange for goods and services Checking Account: money stored in an account at a bank or other financial institution that can be withdrawn without advance notice; also called a demand deposit Savings Account: accounts with funds that usually cannot be withdrawn without advance notice; also known as time deposits Money Market Accounts: accounts that offer higher interest rates than standard bank rates but with greater restrictions Certificates of Deposit (CDs) : savings accounts that guarantee a depositor a set interest rate over a specified interval as long as the funds are not withdrawn before the end of the period- six months or one y ear, for example Credit Card: means of access to preapproved lines of credit granted by a bank or finance company
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Unformatted text preview: Debit Card: a card that looks like a credit card but works like a check; using it results in a direct, immediate, electronic payment from the cardholder’s checking account to a merchant or third party Federal Reserve Board: an independent agency of the federal government established in 1913 to regulate the nation’s banking and financial industry Monetary Policy: means by which the Fed controls the amount of money available in the economy Open Market Operations: decisions to buy or sell U.S. Treasury bills (short-term debt issued by the U.S. government) and other investments in the open market Reserve Requirement: the percentage of deposits that banking institutions must hold in reserve...
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