MAB - Module Review
Module Review
Functions of Money
- Store of Value
- Medium of Exchange
- Unit of Account
Types of Money
- Commodity Money
- Representative Money
- Fiat Money
Characteristics of Money
- Durability
- Portability
- Divisibility
- Uniformity
- Limited Supply
- Acceptability
What is a bank?
- Takes money from depositors
- Lends money to consumers
- Makes money on the spread
Financial Institutions
- Depository - commercial banks, credit unions, savings and loans
- Non-Depository - insurance companies, brokerage houses, loan companies
Banking Services
- Business - remote deposits, tax deposit services, factoring, commercial loans
- Personal - savings, deposits, personal and real estate loans
Self Assessment
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