Great Depression

What is credit?

• amount of money owed

• successful person

• responsibility to complete an action

• money loaned to be paid back later

Why did many Americans begin using consumer credit to buy things?

• buy expensive things without having the money first

• prevented them from going into debt

• allowed them to borrow money and not have to pay it back

• allowed them to create a budget

What is October 29, 1929 , the day the stock market crashed, called?

• Black Friday

• Black Saturday

• Red Tuesday

• Black Tuesday

Why wasn't there much money in the banks by the end of the 1920s?

• too much debt coming from WWI

• Americans quit using banks to borrow money

• Americans borrowed too much money from the bank

• Too many business trusts and monopolies too control

What is an economic depression?

• A time when people spend more money than they can afford to pay back

• A time when farmland was destroyed by dust storms and drought

• A time when many race riots occurred

• A time when many banks lost money, businesses closed, and people lost their jobs

Which is NOT an example of how Tennesseans survived during the Great Depression?

• soup lines

• borrowed money from the bank

• grow gardens in their backyards

• moved into "Hoovervilles"

What was a direct effect of banks not insuring their customer's deposits?

• People couldn't buy bigger houses.

• People lost their life savings.

• People were not allowed to deposit more money in the bank.

• FDR was elected president.

Finish the following statement. People borrowed too much money from banks that they could not pay back. Therefore, ____________________.

• they had to live in an apartment

• people quit going to banks

• there was not much money in the banks

• they got loans to pay the banks back

Why were the shanty towns named after Herbert Hoover?

• They blamed Hoover for the depression.

• President Hoover organized and paid for the building of the shanty towns.

• They were named to honor Hoover.

• Hoover lived in shanty towns with the American people.

Why were shanty towns located near rivers? Select all that apply.

• People needed a place to bathe.

• People needed transportation routes.

• It provided a nice view.

• The water was used for cooking and drinking.

• People needed to fish everyday.