Introduction to Business

Section 1: Money and Banking

Self-Checks

1
A standard of value and means of exchange or payment is called ______ .
A)capital
B)cash
C)currency
D)money
2
Trading goods or services directly for other goods and services is called ______ .
A)bartering
B)bargaining
C)exchanging
D)negotiating
3
Anything that is generally accepted as a measure of value and of wealth is called a ______ .
A)medium of exchange
B)medium of value
C)standard of exchange
D)standard of value
4
Modern society uses coins, currency, checks, and debit cards as part of the ______ system.
A)exchange
B)financial
C)monetary
D)payment
5
Currency and coins are available in multiple denominations because money needs to be ______
A)accepted
B)divisible
C)durable
D)stable
6
Making a copy of a $100 bill with the intention of using it to make a purchase is an example of ______ .
A)collateral
B)conflict of interest
C)counterfeiting
D)currency fraud
7
The money you put into your savings account is called a ______ .
A)credit
B)deposit
C)consignment
D)payment
8
If you store money in a savings account you will likely earn ______ .
A)accumulation
B)buildup
C)interest
D)residuals
9
When talking about banking, EFT stands for electronic funds ______ .
A)tracking
B)trail
C)transfer
D)ticket
10
A loan used to buy a house is called a ______ .
A)commercial loan
B)home loan
C)line of credit
D)mortgage
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