International Money and Business (Level A+) Questions and Answers 2023

money - -a standard of value and a means of exchange or payment -monetary system - -A system in which goods and services are directly exchanged using money -financial institution - -A business that provides money-related services. -bank account - -a record of the amount of money a customer has deposited into or withdrawn from a bank -deposit - -money put into a bank account -withdrawal - -Money taken out of a bank account -interest - -a rate that the bank pays customers for keeping their money -electronic funds transfer - -allows money to be transferred from one bank account to another through a network of computers -direct deposit - -an automatic deposit of net pay to an employee's designated bank account -collateral - -property or goods pledged by a borrower to use as security against a loan if it is not repaid -mortgage - -A loan to purchase a home or other real estate -safe deposit box - -a secure container located in a bank vault -commercial banks - -offer the entire range of banking services, such as checking and savings accounts, loans, and financial advice -savings and loans associations - -financial institutions that hold customers' funds in interest-bearing accounts and invest mainly in mortgage loans -credit unions - -Nonprofit, member-owned financial cooperatives that offer the full variety of banking services to their members.