12.1 Money and Banks

Watch the following video, then answer.

Open Ended

What is the importance of money? or why do we use it ?

|Important Definitions and keywords

Monetary System

A System in which goods and services are directly exchanged using money.

|Important Definitions and keywords

EFT - Electronic Funds Transfer

A Framework that banks use to transfer money from a bank to another, electronically through a network of computers.

Open Ended

Define: Direct Deposit

(Use Google)

|Important Definitions and keywords

Direct Deposit

The electronic transfer of a payment directly from the payer's bank to that of the party being paid

Open Ended

What collateral means when lending money?

(Google)

|Important Definitions and keywords

Direct Deposit

an asset that a lender accepts as security for a loan. Collateral may take the form of real estate or other kinds of assets, depending on the purpose of the loan.

Open Ended

What are the characteristics of money?

Open Ended

What if you have something valuable, other than money and you want to store it ?

How can the bank benefit you ?

|Important Definitions and keywords

Safe Deposit Box

an asset that a lender accepts as security for a loan. Collateral may take the form of real estate or other kinds of assets, depending on the purpose of the loan.