Chapter 10 Test, Form A - Money and Banking

Front

What characteristic of money is reflected by the ability to easily carry it in a pocket or purse?

Back

portability

Front

Most banks are established

Back

as corporations.

Front

Which of the following is a DDA? a debit card, a credit card, a checking account, a savings account

Back

a checking account

Front

medium of exchange

Back

Money is used in exchange for goods and services needed by individuals, businesses, and governments.

Front

Select the right order in the evolution of money Options: 1) Precious Metal Coins, 2) Barter System, 3) Fiat Currencies, 4) Paper Currencies, 1) Barter System, 2) Precious Metal Coins, 3) Paper Currencies, 4) Fiat Currencies, 1) Barter System, 2) Precious Metal Coins, 3) Fiat Currencies, 4) Paper Currencies, 1) Precious Metal Coins, 2) Barter System, 3) Paper Currencies, 4) Fiat Currencies

Back

1) Barter System, 2) Precious Metal Coins, 3) Paper Currencies, 4) Fiat Currencies

Front

An account in which money is kept in a bank or credit union for safekeeping. Money can be easily withdrawn by writing checks or using an ATM or debit card.

Back

Checking Account

Front

A interest-bearing deposit account held at a bank or other financial institution

Back

Savings account

Front

An interest-bearing deposit account held at a bank or other financial institution.

Back

Saving Account

Front

What agency was created by the federal government to protect bank customers by insuring their deposits?

Back

Federal Deposit Insurance Corporation (FDIC)