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6 Written questions

6 Multiple choice questions

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

6 True/False questions

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

          

  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. principalthe amount of money borrowed

          

  4. 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

          

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

          

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