Money Flashcards
1
Q
What are chartered banks
A
- Business provide financial service to Canadians
- keep deposit sake
- loan customers
2
Q
What are some types of accounts
A
- deposits/ savings
- chequeing
- safet deposits
- money transfers
- debit card
- Internet
- ATM
3
Q
What is the functions of money
A
-medium of exchange
money exchanged for goods and service
-store of value
allow save money spend later
-standard value
everything value in terms of money
4
Q
What are the qualities of money
A
-Acceptable
everyone agree use it
-Durable
Last long time
-portable
Easy carry around
-divisible
able make change
-stability
worth the same all the time
5
Q
What is inflation
A
-rise in prices over times
6
Q
What is recession
A
Slow down in economy
7
Q
What is flat money
A
-declared money of country paper bills and coins
8
Q
What is the financial institutions
A
Deal only with money
