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Published byHolly York Modified over 5 years ago
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Chapter 19 : Lesson 1 Financial Institutions and Your Money
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Essential Question: What is the value of learning how to properly budget your money ?
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Financial Institution : group that channels savings to investors, including banks, insurance companies, savings and loan associations, credit unions.
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Interest : payment made for use of borrowed money.
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Interest rate : the price of credit to a borrower
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Federal Reserve System (Fed) : a privately owned, publicly controlled, central bank of the United States.
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Demand Deposit Account (DDA) : account whose funds can be removed by writing a check and without having to gain prior approval from the depository institution
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Creditors : persons or institutions to whom money is owed
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Collateral : something of value that a borrower lets the lender claim if a loan is not repaid
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Secured : loan that is backed up by collateral
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Unsecured : loan guaranteed only by a promise to repay it
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Review Question: Chapter 19 : Lesson 1 Read pages and answer Review Questions on page 567. Hand in Google Class Room.
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