Chapter 14- development of Banking Systems

Chapter 14- development of Banking Systems

8th Grade

15 Qs

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Chapter 14- development of Banking Systems

Chapter 14- development of Banking Systems

Assessment

Quiz

Computers

8th Grade

Practice Problem

Easy

Created by

Hadam Benachou

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a barter economy?

An economy where goods are traded for other goods without the use of money.

An economy solely based on the use of digital currencies.

An economy where goods are purchased only with fiat money.

An economy that relies on government regulations for trade.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of money is described as having an alternative use as an economic good or commodity?

Digital money

Fiat money

Commodity money

Virtual money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines fiat money?

Money that is backed by physical commodities.

Money that has no intrinsic value and is not backed by a physical commodity, but is made legal tender by government decree.

Money that is exchanged electronically.

Money that is used in a barter economy.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of money was issued by the Continental Congress in 1775 to finance the Revolutionary War?

Commodity money

Specie

Fiat money with gold backing

Paper money with no gold or silver backing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following was NOT a form of money used in Colonial America?

Commodity money

Paper money issued by individuals

Electronic currency

Specie

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What backed the paper currency printed by individuals under state laws in Colonial America?

Nothing, it was unsupported

Gold and silver deposits in banks

Promises of future commodity deliveries

The authority of the Continental Congress

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which characteristic of money ensures that it can be easily transferred from one person to another?

Limited supply

Reasonably durable

Portable

Divisible

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