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6 Written questions

6 Multiple choice questions

  1. a person or institution to whom money is owed
  2. a banking system that keeps only a fraction of its funds on hand and lends out the remainder
  3. anything that serves as a medium of exchange, a unit of account, and a store of value
  4. all the money available in the US economy
  5. failing to pay back a loan
  6. objects that have value in and of themselves and are also used as money

6 True/False questions

  1. flat moneyanything that serves as a medium of exchange, a unit of account, and a store of value

          

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

          

  3. debit carda card entitling its owner to buy goods and services based on the owner's promise to pay for the use of borrowed money

          

  4. mortgagethe direct exchange of one set of goods or services for another

          

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

          

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

          

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