Money and Banking Summative Notes
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15 Terms
What are the three uses of money?
Medium of exchange
Anything that is used to determine value during the exchange of goods and services
Unit of account
Store of value
What is a barter?
The direct exchange of one set of goods or services for another
used informally in the U.S.
What are the six characteristics of money?
Durability
Portability (Easy to carry around)
Divisibility
Uniformity
Limited supply
Acceptability
What is liquidity?
The ability to be able to used as, or directly converted into, cash
What are demand deposits?
The money in checking accounts
Checks can be paid “on demand”
What are money market mutual funds?
A fund that pools money from small savers to purchase short-term government and corporate securities
What are the four most common ways to save money?
Savings accounts
Checking accounts
Money market accounts
Certificates of deposit (CD’s)
Wh