LO 15-1

Define money, its functions, and its characteristics.

LO 15-2

Describe various types of money.

LO 15-3

Specify how the Federal Reserve Board manages the money supply and regulates the American banking system.

LO 15-4

Compare and contrast commercial banks, savings and loan associations, credit unions, and mutual savings banks.

LO 15-5

Distinguish among nonbanking institutions such as insurance companies, pension funds, mutual funds, and finance companies.

LO 15-6

Investigate the challenges ahead for the banking industry.