FHS 11ABC Mini Quiz Unit 4

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.

Tags

11A

The primary function of money is

• the store of value function

• the medium of exchange function.

• the unit of account function

• the savings function.

Tags

11A

This can be used in place of money.

• Fiat money

• Cash

• National currency

• Trading or bartering

Tags

11B

The difference between representative money and fiat money is that

• representative money is worth more than fiat money.

• fiat money is counted in coins; representative money is counted in paper dollars.

• fiat money is more durable than representative money.

• representative money is backed by silver or gold, ; fiat money is not.

Tags

11B

Which of the following is NOT one of the characteristics of money?

• durable
• stable
• scarce
• affordable

Tags

11B

This is money that has another useful purpose.

• fiat
• commodity
• debt
• securities

Tags

11B

Hefty fees may be charged if you spend more than what is in the account.

• Debit Card

• Credit Card

• Both

Tags

11C

Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What card did he use?

• Debit Card

• Credit Card

• Both

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11C

Mrs. Brady took her family out to eat. She handed the waitress a card to purchase the meal. This charge appeared on a bill that she paid three weeks later. Which card did she use?

• Debit Card

• Credit Card

• Both

Tags

11C

Barter is inconvenient because

• of the necessity of the double coincidence of wants.

• large amounts of money are required.

• gold is bulky and difficult to transport during day-to-day transactions

• because resources are limited.

Tags

11C