VS 4 STUDY GUIDE PART 2

What is credit?

• receiving goods now and paying for them at a later time

• when you DON'T pay for an item

• when you exchange goods

• none of these above

What is savings?

• to trade one item you have for another item you do not have but you need

• receiving goods now and paying for them at a later time

• earning money and not spending it but use it until you have enough money

• none of these

A teacher tutors a child after school and the family gives the teacher vegetables from their garden. This is an example of what?

• bartering

• savings

• credit

• none of these

Billy wants to buy a new pair of Nike shoes. He earns money for his chores and places it in his piggy bank until later when he has enough money to buy his shoes. This is an example of what?

• Bartering

• savings

• credit

• none of these

Mom goes to the local store at the beginning of the school year to get school supplies but will go back and pay the store when she gets paid next month. This is an example of what?

• bartering

• credit

• savings

• debt

Trading pots for fur is an example of what?

• Credit

• Bartering

• being a good friend

• savings

In early colonial Virginia, there was very little paper money or coins; so how did the storekeepers get their payment?

• offered credit to the settlers for goods

• sold extra groceries

• charged it on credit cards

• borrow money from their parents

Do we still use credit today? How is it similar to colonial Virginia? 2 choices

• Yes, you can purchase goods today

• pay for them later ( credit card)

• no, they pay cash for everything

• none of the above

What were the houses like in colonial Virginia?

• dirt floors with only one room

• they have tiled floors with air conditioning

• they have carpet

• none of the above

What was limited in colonial Virginia that is not limited in South Hill, Va today?

• food choices

• cars

• clothes

• none of above