History of Money

Multiple Choice

What was one major change that occurred when people learned to domesticate animals and plant crops?

• They started using coins for trade

• They created a surplus of food

• They built large cities

• They invented writing

Multiple Choice

Which of the following was NOT an early job before the invention of money?

• Farmer

• Herdsmen

• Metal worker

• Banker

Fill in the Blanks

The use of barter-like methods may date back to at least

years ago.

Multiple Select

Which statements about bartering are correct?

• Bartering involved trading goods and services for other goods or services.

• Bartering required a common measure of value.

• Bartering could be difficult if trading partners did not need each other's goods.

• Bartering was used only after money was invented.

Fill in the Blanks

The disadvantages of the barter system led to the invention of

.

Multiple Choice

Which of the following was considered the first form of money according to historical evidence?

• Cattle

• Gold coins

• Paper currency

• Cowrie shells

Multiple Choice

What was one major challenge of using commodities like cattle or grain as money?

• They were difficult to store and could deteriorate

• They were easy to counterfeit

• They were universally accepted

• They were lightweight and portable

Multiple Choice

Which items were used as money by Eastern Native American tribes and in China around 1200 B.C.?

• Wampum and cowrie shells

• Gold coins and silver bars

• Paper currency and copper coins

• Grain and cattle

Fill in the Blanks

Cowrie shells were widely used as money throughout

and Africa.

Multiple Choice

Which of the following characteristics made gold and silver popular choices for early coins?

• They were easy to find everywhere

• They were durable and rare

• They could not be divided into smaller pieces

• They had no intrinsic value

Fill in the Blanks

Fill in the blank: Merchants in ancient China would often string their coins together on a

to make them easier to carry.

Multiple Choice

Which of the following statements about early paper money is correct?

• Promissory notes immediately replaced coins as currency

• Merchants used promissory notes to record how much money was left with a trustworthy person

• Paper money was first used in Europe before China

• Promissory notes were only used by governments

Multiple Choice

Which European country began issuing its own paper money through banks in 1666?

• France

• Italy

• England

• Sweden

Multiple Choice

Which of the following was issued by the Continental Congress during the American Revolution to help pay for the war?

• Greenbacks

• Federal Reserve notes

• Continentals

• Silver certificates

Fill in the Blanks

Fill in the blank: The Federal Reserve Act of

established Federal Reserve Banks as the only banks authorized to issue paper money in the United States.

Multiple Choice

Which of the following statements about money in the United States today is correct?

• Only private banks print legal tender notes.

• Federal Reserve notes are printed by the Bureau of Engraving and Printing.

• Greenbacks are still used as official money.

• Federal Reserve notes are not considered legal tender.

Fill in the Blanks

Fill in the blank: The currency used by many countries in the European Union is called the

.

Fill in the Blanks

Before the use of money, people created a surplus of food by learning to plant crops and

animals.

Multiple Choice

What is the latest development in money mentioned in the slide?

• Cryptocurrency

• Credit cards

• Paper money

• Gold