COMMERCE 1E03 Study Guide - Final Guide: Electronic Funds Transfer, Debit Card, Time Deposit
28 Dec 2017
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Money: anything that people generally accept as payment for goods and services. Barters: the direct trading of goods and services for other goods and services. Money supply: the amount of money the bank of canada makes available for people to buy goods and services. Overnight rate: the interest rate at which major financial institutions borrow and lend one-day funds among themselves. Prime rate: the interest rate that banks charge their most creditworthy customers. Commercial bank: a profit seeking organization that receives deposits from individuals and corporations in the form of chequing and saving account and then uses some of these funds to make loans. Demand deposit: the technical name for a chequing account: the money in a demand deposit can be withdrawn anytime on demand from the depositor. Time deposit: the technical name for a savings account: the bank can require prior notice before the owner withdraws money from a time deposit.
