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Published byCollin Todd Modified over 8 years ago
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Chapter 19 Managing Money 19.1 Money and Credit
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Money Money is something sellers take in exchange for whatever they have to sell includes checks, bank accounts, and currency Money is a medium of exchange Currency is the coins and paper bills
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Currency 1. Must be easy to carry and take up little space 2. System of units easy to figure out 3. Must be durable. (last a long time) 4. Must be in a standard form and guaranteed by a nation’s gov’t
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Coins and Paper Money In 1792, a mint was opened in Philadelphia Another was later opened in Denver 6 coins are used: Pennies, nickels, dimes, quarters and half dollars, dollar 6 bills are used: $1, $5, $10, $20, $50, $100
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Checks Checks are a written and signed order to a bank to pay a sum of money from a checking account Checks are not legal tender because they are not guaranteed by the federal gov’t Most money is kept in bank accounts and people pay using checks
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Charge Accounts Charge Accounts are accounts people use for a specific store People can buy things from that store and receive a monthly bill Examples?
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Credit Cards Credit Cards are a substitute for money issued by banks and lending institutions The store charges the credit card company and the company sends the person a bill Interest has a large role
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Credit Business use credit to buy goods and pay later once they sell the goods People use credit with credit cards, or for long term installments such as autos or homes
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