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General Business 106 > Checkup 1 > Flashcards

Checkup 1 Flashcards

1
Q

demand deposits

A

checking accounts

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2
Q

safety fund plan

A

New York

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3
Q

loans

A

interest

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4
Q

Federal Reserve System

A

national banks

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5
Q

medium of exchange

A

money

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6
Q

redemption of notes for specie

A

Suffolk Bank of Boston

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7
Q

unscrupulous managers

A

wildcat banks

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8
Q

waiting period before withdrawal

A

time deposit

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9
Q

commercial banks

A

creation of money

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10
Q

model public bank

A

Bank of Venice

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11
Q

Commercial banks are the only financial institutions in the United States that can accept __________________.

A

demand deposits

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12
Q

Usually, one must present a ____________ or similar instrument when withdrawing from a bank savings account.

A

passbook

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13
Q

Commercial banking began in _____________ times.

A

ancient

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14
Q

The first and only central bank of the United States is the ________________________.

A

Federal Reserve System

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15
Q

A medium of exchange is used as a _______________ in buying and selling.

A

common denominator

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16
Q

A state that prohibits branch banking is said to be a ________ banking state.

A

unit

17
Q

A periodic record of checking account transactions is called a _________________.

A

bank statement

18
Q

The ______________ followed many modern banking practices.

A

goldsmith

19
Q

A ______________ usually sells traveler’s checks and money orders and is an agency of the government.

A

commercial bank

20
Q

_______________ are affected significantly by commercial banks.

A

Business operations

21
Q

The Federal Reserve System was established in _________.

A

1816

22
Q

_____________ was one of the leading states in promoting bank legislation during the early history of our country.

A

Louisiana

23
Q

A bank is prevented by law from rendering financial advice to customers. (True or false?)

A

False

24
Q

New York’s free banking law outlawed service charges on checking accounts. (True or false?)

A

False

General Business 106 (7 decks)

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