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