Objective:
The course objective is to teach students the importance of money and interest, negotiable instruments, mortgages, commercial lending, and the role of banking in today's economy.
Learning Outcomes:
- Upon completion of the course, the student will be able to understand the role that banking plays in the economy
- Discuss modern banking
- Understand the structure of the Federal Reserve System
- Understand the Fed's role in consumer protection and international banking
- List ways that the Fed participates in international banking
- Describe the two types of money and how money circulates in the US
- List factors that affect interest rates
- Define transaction accounts and identify major types of checking accounts, time deposits, and savings accounts
- Explain how interest is calculated, including compounded interest
- Describe and define components of consumer lending, mortgage lending and commercial lending, including consumer protection laws and the credit approval process
- Identify types of fraud that are committed against banks
- And understand the marketing function in modern banking.
- Understand the structure of the banking industry
- Discuss other financial institutions and the role that they play in relation to banking
- Describe how the national currency was created
- Describe monetary and fiscal policy
- Define the term negotiable instrument and identify the process for accepting negotiable instruments
- Explain how ethics applies to financial institutions
General Course Topics:
- The business of banking
- Development of the U.S. banking system
- The Federal Reserve System
- Money and interest
- Deposits in banks
- Negotiable instruments
- Bank loans
- Mortgages
- Commercial lending
- Specialized bank services
- Security, fraud, and ethics
- Bank marketing
- Employment opportunities