Economics: Today and Tomorrow © 2012

Chapter 14: Money and Banking

Money and Banking

1
seller accepting money for a service reflects the use of money as _____.
A)a medium of exchange
B)barter
C)a unit of accounting
D)a store of value
2
By using money prices as a factor in comparing goods, money is functioning as _____.
A)barter
B)a store of value
C)a medium of exchange
D)a unit of accounting
3
Which of the following is defined as the exchange of goods and services for other goods and services?
A)Money
B)Medium of exchange
C)Barter
D)Commodity money
4
Who has the power to mint coins?
A)the President
B)the Bureau of Engraving and Printing
C)State legislatures
D)Congress
5
Electronic funds transfer was made possible by ______.
A)the savings and loan industry
B)Federal Reserve notes
C)overdraft checking
D)the use of the computer
6
Your ATM card was stolen and the thief spent $500 of your money. You notified your bank within a few hours of the theft. Based on this information, which of the following statements is CORRECT?
A)The bank will replace the $500.
B)You will lose the $500.
C)You most you will lose is $50.
D)You will only get the money back if the thief repays you.
7
Which of the following is an advantage of using electronic funds transfers?
A)privacy
B)saving time
C)security
D)lack of service charges
8
Which of the following describes a debit card?
A)Type of loan
B)Defers transactions that involve the use of money
C)Involves paying interest if a balance is not paid off
D)Automatically withdraws money from a checkable account
9
Assets that can be turned into money relatively easily are called _____.
A)checking accounts
B)thrift institutions
C)debit cards
D)near moneys
10
Which of the following choices is a credit device used to make cashless purchases?
A)Checking account
B)Thrift institutions
C)Debit card
D)Near moneys
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