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20 Cards in this Set
- Front
- Back
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T/F
Money must be something that has value in itself, such as gold and silver. It couldn't be a feather |
False
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T/F
Money may be anything that most people are willing to accept in payment of goods and services |
True
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T/F
At one time in our nation's history, beaver pelts and beads were used as money |
True
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T/F
If a society did not use money, goods and services could not be exchanged |
False
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T/F
In a barter system, people exchange goods and services with others who have what they want or need |
True
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T/F
Money provides a way of calculating value and a method of saving |
True
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T/F
The only kinds of money in use today are coins and paper money |
False
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T/F
Checks are a form of money in use today |
True
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T/F
Only the Federal government can create money |
False
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T/F
The percentage of its deposits that a bank can lend is limited by the amount it must keep in reserve |
True
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T/F
Federal Reserve Notes are the paper money in circulation in the U.S. today |
True
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T/F
The electronic fund transfers (EFT) system has slowed down the transfer of money from one account to another |
False
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T/F
Electronic systems link home computers to special bank accounts |
True
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T/F
Payments can be made with electronic means without exchanging either money or checks |
True
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T/F
Coins and paper money make up less than 50% of the US money supply |
True
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Which of these is considered currency in the US?
a. coins b. debit cards c. credit cards d. all of these |
all of these
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Why is it important that a bank is part of a FDIC?
a. borrowers get a better interest rate b. FDIC insures the money in accounts c. it costs less to borrow money from this bank d. all of these |
FDIC insures the money in accounts
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For up to how long can a bank hold money on an out of state check. Meaning that the bank will not pay you until after a certain amount of days.
a. three days b. five days c. ten days d. fifteen days |
ten days
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According to the book, why can it be beneficial to use a credit union?
a. better interest rates on loans b. better service c. the bank pays higher interest rates d. none of these |
better interest rates on loans
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What is it called when a bank creates money?
a. invisible money b. checkbook money c. non-existent money d. none of these |
checkbook money
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