The flashcards below were created by user
craziibabe47
on FreezingBlue Flashcards.
-
FDIC stands for:
Federal Deposit Insurance Corporation
-
FDIC
federal agency that insures individual accounts in financial institutions for up to $100,000
-
discount rate
the interest rate the Fed charges on its loans
-
currency
both coins and paper money
-
surplus
- situation in which quantity supplied is greater than quantity demanded
- situation in which government spends less than it collects in revenues
-
deficit
situation in which government spends more than it collects in revenues
-
sales tax
tax levied on a product at the time of sale
-
CD (certificate of deposit)
timed deposit that states the amount of the deposit, maturity, and rate of interest being paid.
-
central bank
- an institution that lends money to other banks
- the place where the government does its banking business
-
budget
a plan for making and spending money
-
appropriations bill
legislation earmarking funds for certain purposes
-
bonds
contract to repay borrowed money with interest at a specific time in the future
-
property tax
tax on land and property
-
FOMC (federal open market committee)
the most powerful committee of the Fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply.
-
coin
metallic form of money such as pennies, nickels, and dimes
-
fiscal year
12-month planning period that may not coincide with the calendar year
-
budget resolution
congressional document that shows total spending and revenues for a year and how much will be spent in various categories
-
debt
money borrowed and not yet paid back
-
automatic stabilizers
program that automatically provides benefits to offset a change in people's lives
|
|