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of 18 available terms

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6 Written questions

6 Multiple choice questions

  1. a person or institution to whom money is owed
  2. anything that is used to determine value during the exchange of goods and services
  3. the price paid for the use of borrowed money
  4. failing to pay back a loan
  5. a banking system that keeps only a fraction of its funds on hand and lends out the remainder
  6. objects that have value in and of themselves and are also used as money

6 True/False questions

  1. 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

          

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

          

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

          

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

          

  5. money supplyanything that serves as a medium of exchange, a unit of account, and a store of value

          

  6. representative moneyobjects that have value because the holder can exchange them for something else of value