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6 Written questions

6 Multiple choice questions

  1. a card used to withdraw money from a bank account
  2. a card entitling its owner to buy goods and services based on the owner's promise to pay for the use of borrowed money
  3. anything that is used to determine value during the exchange of goods and services
  4. a person or institution to whom money is owed
  5. coins and paper bills used as money
  6. the price paid for the use of borrowed money

6 True/False questions

  1. foreclosurethe seizure of property from lenders who are unable to pay back their loans

          

  2. barterthe direct exchange of one set of goods or services for another

          

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

          

  4. principalthe amount of money borrowed

          

  5. defaultfailing to pay back a loan

          

  6. mortgagea specific type of loan that is used to buy real estate

          

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