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of 18 available terms

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6 Written Questions

6 Multiple Choice Questions

  1. failing to pay back a loan
  2. a banking system that keeps only a fraction of its funds on hand and lends out the remainder
  3. the price paid for the use of borrowed money
  4. a person or institution to whom money is owed
  5. the seizure of property from lenders who are unable to pay back their loans
  6. objects that have value because a government has decreed that they are acceptable means to pay debts

6 True/False Questions

  1. commodity moneyobjects that have value in and of themselves and are also used as money

          

  2. currencyanything that serves as a medium of exchange, a unit of account, and a store of value

          

  3. credit carda card used to withdraw money from a bank account

          

  4. principalthe amount of money borrowed

          

  5. representative moneyobjects that have value because a government has decreed that they are acceptable means to pay debts

          

  6. barteranything that serves as a medium of exchange, a unit of account, and a store of value

          

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