The Federal Reserve (Plus some Money & Banking)

Front

_____________ is money by government decree, has no alternative value

Back

Fiat money

Front

__________ is a U.S. government institution that provides insurance on depositor's accounts

Back

FDIC

Front

Which of the following is one of the three functions of money? scarcity , portability , divisibility, Medium of Exchange

Back

Medium of Exchange

Front

"The Fed" refers to the....

Back

Federal Reserve

Front

Fee charged to borrow money

Back

Interest

Front

Medium of exchange:

Back

Money is accepted in exchange for goods/services

Front

Unit of Account:

Back

Money is a measurement of value (credits/debits/comparing value of goods & services)

Front

Store of Value:

Back

Money can maintain value over time

Front

What is the primary way banks earn a profit?

Back

Collecting interest on loans made to customers

Front

The central bank of the United States is the:

Back

Federal Reserve Banking System.