Lesson Flashcards: Money

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Definition

Fiat money

Paper money not supported by physical assets but approved by the government as legal tender

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Definition

Legal tender

Money backed by the legal authority of the issuing government

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Definition

Credit money

The monetary value created through debts and obligations

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Definition

Stored-value cards

Cards that are preloaded with monetary value that can be used to pay for transactions

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Definition

Store of value

The function of money that allows the owner to defer the usage of money’s general purchasing power

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Definition

ATM cards

Cards that allow consumers to access their bank accounts to convert their credit money to banknotes using automated teller machines (ATMs)

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Definition

Money

Anything that is generally accepted as payment for goods and services by the different participants in the economy

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Definition

Digital money

Software-based electronic money that is not physically stored in the consumer’s location

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Definition

Paper money

Promissory notes written on paper containing agreements on the transfer of ownership of coins

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Definition

Credit cards

Cards issued by banks or nonbanking financial institutions that enable cardholders to borrow monetary value from the issuers

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