Civics Today Citizenship, Economics, & You

Chapter 24: Money and Banking

Self-Check Quizzes

1
Which of the following is not a function of money?
A)measure of value
B)store of value
C)measure of virtue
D)medium of exchange
2
Your deposit is insured up to $100,000 by the _____.
A)Federal Deposit Insurance Corporation
B)Federal Municipal Insurer's Association
C)Banker's Insurance Corporation
D)Certificates of Deposit
3
Diamonds are difficult to use as money because _____.
A)not everyone agrees that they are valuable
B)they are difficult to carry around
C)they are not easy to split into smaller pieces to use
D)they are not valuable
4
For money to satisfy its function as a medium of exchange, it must be ____.
A)backed by gold
B)accepted as payment for goods and services
C)issued by the national government
D)valuable in and of itself
5
The Federal Reserve is divided into _____ districts.
A)5
B)6
C)12
D)50
6
The Fed conducts monetary policy by manipulating _____.
A)the discount rate, reserve requirements, and cash flow
B)the amount of currency printed or coined during a given year
C)the discount rate, reserve requirements, and open market operations
D)reserve requirements and the amount of currency printed
7
Raising the discount rate will _____.
A)slow the economy's rate of growth
B)speed up the economy's rate of growth
C)allow more consumers to make mortgage loans
D)cause businesses to expand
8
If you are willing to put a certain amount of money in the bank for a year, you would earn more interest with a _____.
A)checking account
B)debit card
C)certificate of deposit
D)regular savings account
9
The Federal Reserve System was established as a result of _____.
A)Alexander Hamilton's economic policies
B)Andrew Jackson's economic policies
C)a series of panics and bank failures
D)the Great Depression
10
During the Great Depression President _____ declared a "bank holiday"—closing all the banks—until banks could prove they were financially sound.
A)Harding
B)Hoover
C)Truman
D)Roosevelt
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