History 24-25

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History 24-25
2010-05-10 18:03:11

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  1. FDIC stands for:
    Federal Deposit Insurance Corporation
  2. FDIC
    federal agency that insures individual accounts in financial institutions for up to $100,000
  3. discount rate
    the interest rate the Fed charges on its loans
  4. currency
    both coins and paper money
  5. surplus
    • situation in which quantity supplied is greater than quantity demanded
    • situation in which government spends less than it collects in revenues
  6. deficit
    situation in which government spends more than it collects in revenues
  7. sales tax
    tax levied on a product at the time of sale
  8. CD (certificate of deposit)
    timed deposit that states the amount of the deposit, maturity, and rate of interest being paid.
  9. central bank
    • an institution that lends money to other banks
    • the place where the government does its banking business
  10. budget
    a plan for making and spending money
  11. appropriations bill
    legislation earmarking funds for certain purposes
  12. bonds
    contract to repay borrowed money with interest at a specific time in the future
  13. property tax
    tax on land and property
  14. 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.
  15. coin
    metallic form of money such as pennies, nickels, and dimes
  16. fiscal year
    12-month planning period that may not coincide with the calendar year
  17. budget resolution
    congressional document that shows total spending and revenues for a year and how much will be spent in various categories
  18. debt
    money borrowed and not yet paid back
  19. automatic stabilizers
    program that automatically provides benefits to offset a change in people's lives