________ uses coins, currency, checks, and debit cards as part of the monetary system.
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Reserves
________ are funds set aside for emergencies, such as a rush of withdrawals.
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Financial institution
A(n) ________ is a firm that manages money.
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Direct deposit
________ is the electronic transfer of a payment directly from the payers bank account to that of the party being paid.
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Collateral
________ is property or goods pledged by a borrower to use as security against a loan if it is not repaid.
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Credit unions
________ are not- for- profit banks set up by organizations for their customers to use.
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Insurance companies
________ not only provide protection against problems such as fire and theft, but they also offer loans to businesses and consumers.
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Mortgage companies
________ provide loans specifically for buying a home or business.
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Money Supply
Regulating the ________ The primary responsibility of the Federal Reserve is to determine the amount of money in circulation and either increase or decrease it.
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Mortgage
A(n) ________ is an agreement in which a borrower gives a lender the right to take the property if the loan is not repaid.
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standard of value
Money is a(n) ________ and a means of exchange or payment.
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Goods
________ and services are directly exchanged using money.
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Bank account
A(n) ________ is a record of the amount of money a customer has deposited into or withdrawn from a bank.
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mortgage loans
Savings and loan associations are financial institutions that hold customers funds in interest- bearing accounts and invest mainly in ________.
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Federal Reserve
Also known as "The Fed, "the ________ is the bankers bank.
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Electronic funds
________ transfer (EFT) allows money to be transferred from one bank account to another through a network of computers.
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Safe deposit box
A(n) ________ is a secure box in a banks vault used for the safe storage of a customers valuables.
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Finance companies
________ offer short- term loans to businesses and consumers, but at much higher interest rates than banks charge.
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bank account
The money put in a(n) ________ is called a deposit.
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There are four main types of loans that banks offer to busi
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