ITB Chapter 12 Vocab

Banks that offer the entire range of banking services, such as checking and savings accounts, loans, and financial advice.

• Limited-service banks
• Partial-service banks
• Basic-service banks
• Commercial banks

Financial institutions that hold customers’ funds in interest-bearing accounts and invest mainly in mortgage loans.

• Savings and loan associations
• Credit unions
• Investment banks
• Commercial banks

Financial institutions that provide loans specifically for buying a home or business.

• Mortgage lenders
• Pawn shops
• Payday lenders
• Credit unions

___________that offer short-term loans to businesses and consumers, but at a much higher interest rate than banks charge.

• Online retailers
• Pawn shops
• Credit unions
• Finance company

Companies that provide not only protection against problems such as fire and theft, but also loans to businesses and consumers.

• Insurance companies
• Car rental companies
• Real estate agencies
• Banking institutions

Financial organizations that sell stocks and bonds and offer a wide range of financial services.

• Hedge funds
• Brokerage firms

• Credit unions
• Insurance companies

The central bank of the United States.

• Chase Bank
• Wells Fargo
• Federal Reserve System
• Bank of America

Funds set aside for emergencies, such as a rush of withdrawals.

• Reserves
• Backup
• Savings
• Allowance

A standard of value and a means of exchange or payment.

• Credit card
• Barter
• Money
• Currency

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

• Barter System
• Trade System
• Exchange System
• Monetary System