Money, Federal Reserve, Banking, Credit Cards Review

Front

What is money?

Back

A medium of exchange

Front

What is the money supply?

Back

The total amount of money in circulation or in existence in a country.

Front

What are the three uses of money?

Back

Medium of exchange, store of value, unit of account

Front

What is the characteristic of money that makes it easy to carry?

Back

Portability

Front

What is the characteristic of money that allows it to withstand wear and tear?

Back

Durability.

Front

What is the characteristic of money that allows it to be divided into smaller denominations?

Back

The characteristic of money that allows it to be divided into smaller denominations is called divisibility.

Front

Who is the current FED chairman?

Back

The current FED chairman is Jerome Powell.

Front

How do banks make a profit? Fill in the blanks. Money Entering the Bank: Deposits, Interest, Fees Money Leaving the Bank: ______, Withdrawals, Loans, Salaries, Taxes

Back

Interest

Front

A check register is used for:

Back

Recording financial transactions

Front

What is the definition of 'Minimum Balance'?

Back

The lowest amount that must be maintained in an account to avoid fees.