Chapter 19 vocab

Definition of currency?

• Loans payable over a long period of time

• Loans that are repaid over a short period of time

• Coins and paper money

• Type of weather forecast

Definition of long-term credit

• Loans that are not required interest.

• Loans that are repaid over a short period of time

• Loans payable over a long period of time

• Loans that are never repaid

Definition of Short-term credit?

• Borrowing that is typically repaid within a decade
• Borrowing that is typically repaid within a month
• Loans that are repaid over a short period of time

• Borrowing that is typically repaid within a century

Bankruptcy Definition?

• Bankruptcy is a legal declaration that a person or business cannot pay debts owed

• Bankruptcy is a process where individuals or businesses can continue to borrow money without consequences.
• Bankruptcy is a process where individuals or businesses are guaranteed to have all their debts forgiven.
• Bankruptcy is a process where individuals or businesses can easily get rid of their debts.

Creditors definition?

• People who are owed money

• People who are too pay money to a company

• People who lend money
• Financial institutions

Collateral defintion?

• A type of clothing material
• Property used to guarantee repayment of a loan

• A musical instrument
• Property used for lending to creditors for a short period of time

Saving and loan associations

• Banks that are only used for checking accounts

• Banks begun in the mid-1800s to help people purchase homes

• Banks established, owned, and operated by people who work for a single company or belong to a single organization

• Banks that are mostly used in the United States

Credit Unions defintion?

• Banks government-owned financial institutions

• Banks that are mainly used in the United States

• Banks established, owned, and operated by people who work for a single company or belong to a single organization

• Banks Individual-owned

Federal Reserve System defintion?

• Stystem established by Congress in 1913 to handle banking needs of federal government and provide services to its member banks while regulating the U.S bank system

• System of interest charged to member banks by the federal Reserve

• Banks established, owned, and operated by people who work for a single company or belong to a single organization

• Bitcoin mining system

Discount rate definition?

• The rate at which a company can borrow money from the Federal Reserve
• Rate of interest charged to member banks by the federal Reserve

• The rate at which a company can issue bonds
• The rate at which a company can invest in stocks