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6 Written questions

6 Multiple choice questions

  1. the direct exchange of one set of goods or services for another
  2. failing to pay back a loan
  3. a card entitling its owner to buy goods and services based on the owner's promise to pay for the use of borrowed money
  4. coins and paper bills used as money
  5. anything that is used to determine value during the exchange of goods and services
  6. all the money available in the US economy

6 True/False questions

  1. interestthe price paid for the use of borrowed money

          

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

          

  3. principalthe amount of money borrowed

          

  4. fractional reserve bankinga banking system that keeps only a fraction of its funds on hand and lends out the remainder

          

  5. creditora person or institution to whom money is owed

          

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