Unit 2: Understanding and Using Money Vocab Quiz

system of money used by a country

• fee
• unit of account
• money

• currency

something used as a guide to measure the value of goods and services

• store of value
• currency
• unit of account
• fee

businesses owned by stockholders and managed to earn a profit

• banks
• credit unions
• pawn shops
• savings and loan associations

four basic functions: a medium of exchange, unit of account, standard of value, and a store of value

• money
• currency
• debit card
• check

value that everyone can agree upon to get for goods and services

• medium of exchange

• unit of account

• collateral
• standard of value

institutions that offer loans to individual customers and businesses

• savings and loan associations

• credit unions
• pawn shops
• commercial banks

nonprofit cooperative associations that offer checking and savings accounts

• payday lenders
• savings and loan associations
• credit unions
• commercial banks

people are able to save money and spend it later. money maintains its value without losing value

• store of value
• unit of account
• medium of exchange
• standard of value

offers the same services as commercial banks, but under federal law, also has to keep 65% of their assets in mortgages

• credit union
• payday lender
• pawn shop

• savings and loan association

an asset that serves as a security (a guarantee) for the repayment of a loan

• collateral

• annual fee

• credit card
• credit union