MONEY AND THE FED

The functions of money include all of the following except

• method of barter

• medium of exchange

• store of value

• measure of value/unit of account

When money is used to buy your dinner, it is acting as a/an

• store of value

• measure of value

• medium of exchange

When you save money instead of spending it as soon as you earn it, it is acting as a/an

• medium of exchange

• measure of value

• store of value

The ease of converting an asset to cash is known as

• viability

• dependability

• portability

• liquidity

Money that has another use is

• fiat money

• commodity money

• token money

• specie money

An example of commodity money is

• wampum used by Native Americans

• salt used to pay Roman soldiers

• paper currency

• our current penny

Which of the following is NOT a characteristic of effective money?

• scarcity

• portability

• durability

• plentiful availablity

What type of money does the US use now?

• fiat money

• commodity money

• talers

• gold-backed currency

Which branch of money has the authority to COIN MONEY?

• executive

• judicial

• legislative

• states

Which agency is in charge of investigating counterfeit money?

• FBI

• FDIC

• Secret Service

• Federal Reserve