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Chapter 19 : Lesson 1 Financial Institutions and Your Money

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1 Chapter 19 : Lesson 1 Financial Institutions and Your Money

2 Essential Question: What is the value of learning how to properly budget your money ?

3 Financial Institution : group that channels savings to investors, including banks, insurance companies, savings and loan associations, credit unions.

4 Interest : payment made for use of borrowed money.

5 Interest rate : the price of credit to a borrower

6 Federal Reserve System (Fed) : a privately owned, publicly controlled, central bank of the United States.

7 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

8 Creditors : persons or institutions to whom money is owed

9 Collateral : something of value that a borrower lets the lender claim if a loan is not repaid

10 Secured : loan that is backed up by collateral

11 Unsecured : loan guaranteed only by a promise to repay it

12 Review Question: Chapter 19 : Lesson 1 Read pages and answer Review Questions on page 567. Hand in Google Class Room.


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