SSCI 123 Midterm Quiz 1

Bitcoin is an example of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the above

A thousand peso bill is an example of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

The Mona Lisa Painting is an example of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

A gold bar is an example of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

An ATM Card is an example of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

A diamond necklace is an example of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

SM Gift Certificates are examples of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

Old peso bills and coins are no longer accepted for any economic transaction because they have lost their intrinsic value. This characteristic is a feature of what type of money?

• Representative Money

• Commodity Money

• Fiat Money

• None of the Above

Jean borrowed money from the bank this morning but she'll pay for it in the next months in installment basis. What function of money is being described in this situation?

• Money as a store of value

• Money as a unit of account

• Money as a standard of deferred payment

• Money as a medium of exchange

People work hard as employees of companies today so that they can add money to their savings account. What function of money is being described in this situation?

• Money as a store of value

• Money as a unit of account

• Money as a standard of deferred payment

• Money as a medium of exchange