Economics Ch. 4 Vocabulary

Front

a business in which the primary function is to receive, transfer, and lend money to individuals, businesses, and governments.

Back

Commercial Bank.

Front

a financial institution that receives, lends, exchanges, and safeguards money.

Back

Bank.

Front

a financial institution that is owned by its depositors.

Back

Mutual Savings Bank.

Front

is a type of commercial bank that is locally owned and operated.

Back

Community Bank.

Front

a nonprofit financial cooperative owned by and operated for the benefit of its members.

Back

Credit Union.

Front

What allows the holder to make credit purchases up to an authorized amount (buy now, pay later)?

Back

Credit Card.

Front

the holder to electronically access funds in his or her account at an ATM or to pay for goods and services from a business.

Back

Debit Card.

Front

an independent agency created by the federal government to protect bank customers by insuring their deposits.

Back

FDIC.

Front

a record of account deposits, withdrawals, checks, fees, and interest.

Back

Check Register.

Front

balancing the checkbook.

Back

Reconcile.