• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/98

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

98 Cards in this Set

  • Front
  • Back
Money is a ________.
medium of exchange
What is currency?
All media of exchange circulating in a country (OR ALL OF THE ABOVE)
What is dividing the term currency between coins called?
Metallic Currency
As with many financial concepts, the idea of currency has________.
Changed
What is Government Currency?
Money printed by a government
What is paper currency?
Paper money or credit instruments
What is bank currency?
Notes issued against their reserves
What are the dates for World War I?
1914-1918
During the Revolutionary war, the Continental Congress issued ________ money to buy desperately needed supplies.
Paper
Who was George Washington's Secretary of Treasury?
Alexander Hamilton
Who became president in 1828?
Andrew Jackson
The _____ federal and state banking system still survives today.
Dual
In the alf century before the Federal Reserve Act of 1913, America transformed itslef into a(n) ______ powerhouse.
Industrial
What is the title of this chapter?
Development of U.S. Banking
The Great Depression began in ______.
1929
FDIC does NOT stand for Federal Deposit Insurance Corporation
FALSE
Banking is a business
TRUE
Banks changed in the 1970s and 1980s in part because of the pressure of inflation.
TRUE
Coins were NOT the most common medium of exchange
FALSE
World War I did NOT start in 1914
FALSE
There was always some form of paper money in the colonies, too.
TRUE
Nicholas Biddle was alive in 1816
TRUE
Currency is NOT all media of exchange circulating in a country.
FALSE
The bank's charter did NOT expire in 1811
FALSE
Hamilton also urged the creation of a Bank of the United States
TRUE
As the chief depository of the U.S. government, the bank gained power
TRUE
Over Jefferson's objections, the bank was NOT chartered in 1791
FALSE
The Great Depression was the worst and longest economic crisis in the history of Western industrialized nations.
TRUE
When many people try to withdraw their money at once it is called
a bank run
FSLIC stands for
Federal Savings and Loan Insurance Corporation
What year was the Mint Act enacted?
1792
What did the Mint Act do?`
Authorized money to be minted to be in circulation
What was established in 1913?
The Federal Reserve Act
When was the second bank of America charted?
1816
What year was the National Banking Act enacted?
1864
The Federal Reserve Act was enacted in what year?
1913
What happened on March 6, 1933?
Bank Holiday
Runaway inflation is?
Value of money doesn't match the price of goods
What is one way to combat inflation?
Tighten money supply and allow interest rates to rise.
What decade sustained the longest period of growth?
1990s
What country did the currency real originate from?
Spain
What was the problem with money before World War I?
The governmeny did not issue paper money
Which is (are) a form of currency?
ALL OF THE ABOVE (checks, bonds, coins)
Has the Fderal Reserve Act changed since 1913?
Yes
When did the U.S. governmeny begin to issue paper currency?
1861
What are the different classifications of paper currency?
government currency, bank currency, and deposit currency
When was the Federal Reserve Act and what did it do?
1913 and it established the basic banking sustem in use today
Which type of currency wasn't in use during the Colonial period
yen
The first U.S. Bank was chartered in
1791
Why did the first two U.S. Banks fail?
they were not supported enough
What kind(s) of banks were in existence before 1864?
state banks and private banks
A spanish dollar is a peso
FALSE
There are two main types of currency
TRUE
Bonds, checks, and all types of loan papers are credit instruments
FALSE
The National Currency Act of 1863 was rewritten as the National Banking Act of 1864
TRUE
Colonists exculsively used currency made on American soil
FALSE
The Civil War brought monetary isses to a head
TRUE
The first bank of the United States was an institution of government
FALSE
Banking in the early United States had an experimental quality
TRUE
State Banks were friendly with the U.S. Bank
FALSE
Without a national banking system, state banks grew in number and influence
TRUE
During the Great Depression, many stocks were brought with margarine.
FALSE
The FSLIC is the same as the FDIC
FALSE
Classify currency: which one is not right? metallic currency, government currency, bank currency, deposit currency, shifting currency
shifting currency
True or false: Before World War one (1914-1918), many countries had governments that did not issue paper money
TRUE
True or False: In the early days, some settlers used shells and nails to trade for what they needed, making them a kind of coinage
TRUE
True or False: Other forms of currency in earlier times were pillows, mud, and banking powder
FALSE
Some_________type coins were minted on American soil as early as the _____, but few colonists trusted them much.
British, 1650
Althou colonies did use the English pounds and shillings, a Spanish dollaar called the ______ was most popular.
Real
During the revolutionary war the continental congres issued paper money to buy desperately needed_____.
Supplies
True or False: The many types of currency oftem caused problems during the crisis of the civil war, people becamse so concerned of the value of money that they often made/issued their own money
TRUE
Which came first: coin or paper money?
Coin
True or False: In many ways the United States of America was an experiment
TRUE
_____ also urged the creation of a ________ of the United States.
Hamilton, bank
_____, who believed creating such an institution gave too much power to too few people, fiercely opposed him in this idea.
Thomas Jefferson
After a slow start, the bank began to do well under its president, _________
Nicholas Biddle
The National ______ Act of 1864 was enacted to stablize the _____ system.
Banking, banking
True or False: Reserve liquidity are ways to convent the national government redialy to cash
FALSE
True or False: Many Stocks were bought on margin, or for a fraction of their price, and then resold at a profit, without the full purchase price of the stock ever having been paid.
TRUE
True or False: Inflation is the act of blowing a balloon.
FALSE
True or False: The many types of currency oftem caused problems during the crisis of the civil war, people becamse so concerned of the value of money that they often made/issued their own money
TRUE
When the economy as a whole is not doing very well it is called
stagflation
Conducting bank examinations is the _________ of a bank's financial condition its management and its compliance with banking policies is a key Federal Reserve task.
reviewing
True or False: The discount rate is the rate of interest that the Federal Reserve charges banks for short term loans
TRUE
Checks are a form of currency called?
Deposit Currency
Before, what was the most common medium of exchange?
Coins
What did the National Banking Act of 1864 do?
Stabilized the banking system
What did the National Bank Act establish?
A national currency
Ways to convert the reserves readily to cash is
Reserve liquidity
Congress formed a bipartisan group after what
Severe economic pain
How long did the great depression last
10 years
FDIC stands for
Federal Deposit Insurance CORPORATION
A collective rise in money supply and income is...
inflation
During the Revolutionary War, the government issued paper money to buy needed supplies
FALSE
The first bank of the U.S. was not an institution of government
TRUE
The Civil War did not bring monetary issues to a head
FALSE
The Federal Reserve plays a key role in the economy
TRUE
Margin is Not a fraction of a price
FALSE