U3 Quizizz Review Game

A saving account in a bank represents the function of money:

• Store of value

• A medium of exchange

• A standard for deferred payments

• A measure of value

Choose the most accurate definition of "money".

• Money is anything generally accepted in payment for goods or services or in the repayment of debts.

• Money is anything recognized in trading and transaction for goods.

• Money is legal currency that is released by banks to satisfy the financial needs of the people.

A medium of exchange is_______

• something that is generally acceptable in exchange for goods and services

• a legally recognized asset that is generally accepted in exchange for goods and services.

• something that circulates and provides a standardized means of evaluating the relative price of goods and services.

• The ability of money to command purchasing power in the future

1 of 3 functions of money allowing people to preserve value for future use.

• Store of value

• Divisibility

• Portability

• Measure of value

1 of the 3 functions of money that allows it to serve as a common denominator to measure value.

• Measure of value

• Store of value

• Divisibility

• Medium of exchange

All of the following are among the 6 characteristics of money EXCEPT:

• Acceptability

• Domesticity

• Scarcity

• Portability

• Divisibility

An example of commodity money is:

• Wampum Belts

• The US Dollar

• Gold/silver coins

An example of Commodity-Backed Money is:

• The modern US Dollar

• Gold and silver coins

• The US Dollar on the Gold Standard

• Cocoa beans

Fiat money is different from other forms of money because:

• Fiat money has no value on its own, and is only worth anything because it is commonly accepted

• Fiat money has high value on its own, but its value is degraded through trade

• Fiat money is backed by physical goods with real value - e.g. gold

I'm an institution which performs the function of accepting deposits, lending funds & making an investment with the main aim of profit maximization.

What am I?

• Commercial Bank

• Central Bank

• Government

• None of these