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

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.

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

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

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

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.

Multiple Choice

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

• Cryptocurrency

• Credit cards

• Paper money

• Gold