Unit 4 Review

Front

Which of the following is an example of a barter system? Trading apples for oranges, Paying with a credit card, Using paper money to buy goods, Depositing money in a bank

Back

Trading apples for oranges

Front

What is the primary function of the Federal Reserve?

Back

Regulating the nation’s money supply

Front

Which of the following is NOT a type of currency? Coins, Barter, Paper money, Digital currency

Back

Barter

Front

What is the gold standard?

Back

A system where currency is backed by gold

Front

Which of the following best describes free enterprise? Government controls all businesses, Individuals are free to own and operate businesses, Only banks can own businesses, All businesses are non-profit

Back

Individuals are free to own and operate businesses

Front

Property taxes are typically used to fund which of the following? Local government services, Federal Reserve operations, International trade, Gold mining

Back

Local government services

Front

items that value in themselves other than being used as a monetary unit

Back

Commodity Money

Front

Which of the following is a characteristic of a barter system? Options: No use of money, Use of digital currency, Central banking, Taxation

Back

No use of money

Front

Which type of tax is based on the value of land and buildings?

Back

Property tax

Front

Which of the following is a key principle of free enterprise?
Options:
Government ownership of all resources,
Competition among businesses,
Fixed prices by the government,
No private property

Back

Competition among businesses