MoneyЁЯСА
Store if value
Doesnt reslly hold on to its value Like banana goes ratton after a couple weeks
TILA Violations
Intentional violations: Fines up to $5,000 and/or imprisonment up to 12 months Unintentional violations: Damages of two times the finance charge, up to $1,000 maximum
unit of account
It's like a painting you can't price it
Federal Home Loan Banks (FHLBanks)
Lend money to member banks to keep credit flowing in local markets
Medium of exchange
Like a stuffed toy has a lot of value to you but not to someone els
What does it mean if the Fed increases reserve requirements?
Member banks must keep more assets on deposit at the reserve bank.
Which interest rate do banks use to offer consumer loans?
Prime rates
U.S. Mint
Produces coin currency Produces medals Sells and stores platinum, gold, and silver coins
Prime rate
Rate charged by banks to the most creditworthy consumers
Discount rate
Rate charged by the Fed to a member bank when borrowing money with commercial paper as collateral
Federal funds rate
Rate charged on overnight loans between member banks
Truth in Lending Act
TILA's purpose was to better educate the public about the costs of credit and financing through improved disclosures that are required of lenders and credit providers.
The U.S. Treasury
executive agency responsible for promoting economic prosperity and ensuring financial security of the United States
Bureau of Engraving and Printing
produces paper currency Passports and immigration and naturalization certificates
Federal Reserve System
the central bank of the United States
The Federal Deposit Insurance Corporation (FDIC)
the government agency that insures customer deposits if a bank fails
