← Money and Banking Test
5 Written Questions
5 Matching Questions
- Store of value
- Member bank
- Federal Reserve Note
- Commodity Money
- a paper currency during the civil war.
- b bank that belongs to the federal reserve system.
- c something that keeps its value it it is stored rather than used
- d the national currency we use today in the United States.
- e objects that have value in themselves and that are also used as money.
5 Multiple Choice Questions
- the severe economic decline that began in 1929 and lasted for more than a decade.
- failure to pay a loan
- the money in checking accounts.
- a card entitling its owner to buy goods and services based on the holder's promise to pay for these goods and services.
- a banking system that keeps only a fraction of the funds on hand and lends out the remainder.
5 True/False Questions
Interest → the direct exchange of one set of goods and services for another
Gold standard → a card entitling its owner to buy goods and services based on the holder's promise to pay for these goods and services.
Fiat Money → money that has value because the government has ordered it is an acceptable means to pay debts
bank → an institution for receiving, keeping, and lending money
Money supply → Anything that serves as a medium of exchange, a unit of account, and a store of value.