Intro to Business Chapter 12 Vocabulary

Question 1

The transfer of money from one bank to another using computers

Accepted Answer

Electronic Funds Transfer

Question 2

Asset, i.e. a car, used as guarantee for a loan that the lender can take if they don't pay

Accepted Answer

Collateral

Question 3

A system in which goods and services are exchanged indirectly, using money as a medium

Accepted Answer

Monetary System

Question 4

A place at a bank for storing valuable items

Accepted Answer

Safety-Deposit Box

Question 5

Anything that people accept as a standard of payment

Accepted Answer

Money

Question 6

A fee charged for the use of money

Accepted Answer

Interest

Question 7

Property put up for a loan that the lender can take back if the loan is not paid back

Accepted Answer

Mortgage

Question 8

Money taken out of a bank

Accepted Answer

Withdrawal

Question 9

Money put into a bank account

Accepted Answer

Deposit

Question 10

An organization for managing money, such as a bank, credit union, or brokerage firm

Accepted Answer

Financial Institution

Question 11

A record of how much money a person has put into and taken out of a bank

Accepted Answer

Bank Account

Question 12

The central banking system of the United States, also called the Fed.

Accepted Answer

Federal Reserve System

Questions 12