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money and banking
test
10
Economics
09/29/2011
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Term
Demand Deposits
 Definition

Another word for checks. paper that transfers ownership of money deposited in a bank account from one party to another

NOT LEGAL TENDER
Term
What do banks sell?
 Definition
MONEY $$$$$$$$
Term
Assets
 Definition
what you own of value
Term
liabilities
 Definition
what you owe
Term
Net worth
 Definition
OWNERS EQUITY
difference b/w assets and liabilities
Term
comptroller
 Definition
fancy accountant
Term
commercial banks are chartered by
Definition
comptroller (dan hynes) or state agency
Term
banks major assets
 Definition
reserves
loans
Term
reserves
 Definition
money in the vault
Term
banks major liabilities
 Definition
checking deposits
savings deposits
time deposits