Vocabulary Unit 4
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Created by:
wilsonnicole123 on November 11, 2008
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20 terms
Terms | Definitions |
|---|---|
 checking account | used for storing money short term |
| standard of value | way to measure the weight, amount, size, or value f something |
| insurance firm | offer loans to bussinesses and consumers in addition to providing protection against damage from fire, theft |
| overdraft protection | a small loan that covers checks that you've written that you don't have enough money for |
| savings account | used for storing money for a longer period of time |
| medium of exchange | anything that is generally accepted as a measure of value and wealth |
| brokerage firm | they offer a wide range of financial services in addition to selling stocks and bonds |
| money | standard of value and a means of exchange or payment |
| monetary system | includes coins, currency, checks, and debit cards (in modern soceity) |
| finance company | offer short-term loans to businesses and consumers, but at much higher interest rates than banks charge |
| interest | the rate the bank pays customers for keeping their money |
| barter system | trading goods and services directly for another good or service |
| store of value | it holds its value over time and can be stoed or saved |
| collateral | property or goods pledged by a borrower to use as security against a loan if it is not repaid |
| stable | must be stable in value; little change in value |
| accepted | people have to be willing to take money in exchange of goods and services |
| divisible | money must be divisible into parts |
| portable | must be easy to carry |
| durable | money must not be destroyed easily |
| hard to counterfeit | money should not be easy to make a copy of illegally |
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