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6 Written questions

6 Multiple choice questions

  1. objects that have value because the holder can exchange them for something else of value
  2. objects that have value because a government has decreed that they are acceptable means to pay debts
  3. the seizure of property from lenders who are unable to pay back their loans
  4. a person or institution to whom money is owed
  5. the price paid for the use of borrowed money
  6. objects that have value in and of themselves and are also used as money

6 True/False questions

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


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


  3. defaultfailing to pay back a loan


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


  5. 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


  6. currencycoins and paper bills used as money


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