IBT Chapter 12-Money and Banking

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A standard of value and a means of exchange or payment is

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money

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A medium of exchange is

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anything that is generally accepted as a measure of value and wealth

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To be used as money, an item must be 

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scarce

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The two main types of bank accounts are savings account and

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checking accounts

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The rate that the bank pays customers for keeping their money is called

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interest

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The primary way banks generate profits is by

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lending money

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A commercial loan is a loan made to businesses to finance the purchase of

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supplies and equipment

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Most of the banks in the United States are

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commercial banks

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Commercial banks are often called

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full-service banks

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Savings and loans are financial institutions that offer services similar to commercial banks and credit unions, invest mainly in mortgage loans, hold customers' funds in interest.

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all of the above