James Final Exam Money Review

Front

Money or other substance generally accepted as payment for goods and services.

Back

Medium of exchange

Front

A saving account in a bank represents the function of money:

Back

Store of value

Front

Choose the most accurate definition of "money".

Back

Money is anything generally accepted in payment for goods or services or in the repayment of debts.

Front

What function of money does the picture represent? Options: Medium of Exchange, Store of Value, Unit of Account, Acceptable

Back

Medium of Exchange

Front

What function of money does the picture represent? Options: Medium of Exchange, Store of Value, Unit of Account, Durable

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Unit of Account

Front

What function of money does the picture represent? Options: Medium of Exchange, Store of Value, Unit of Account, Stable

Back

Store of Value

Front

Which one of the following is not a modern form of money? Demand deposits, Paper currency, Coins, Precious metals

Back

Precious metals

Front

The difference between representative money and fiat money is that

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representative money is backed by silver or gold; fiat money is not.

Front

What effect does inflation have on the purchasing power of money?

Back

Causes it to go down

Front

Which of the following is not a characteristic of money? Divisibility, Portability, Acceptability, Responsibility

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Responsibility