Money. Banks. Types of bank accounts.

The value of money comes from ...

• it's own value

• the product for which it can be exchanged

• the value people place on it

Money is any item that is widely accepted as payment for products.

• True

• False

Currency is money in the form of ...

• paper bills and coins

• beads and shells

• stocks and bonds

As a store of value people use money ...

• to borrow money from the seller

• to compare the worth of one product with that of another

• to save their wealth for the future

Not only credit cards but also stocks, bonds, and insurance policies are called ....

• near money
• fiat money

• real money

Central banks usually directly control ...

• money supply
• wages and salaries

• individual customers

Money is used to trade for goods and services. This function of money is called ....

• a unit of account

• a means of exchange

• a store of value

Barter system includes....

• changing money and other items

• exchange of one thing for another

• using different currencies

What is the primary function of money as a standard of value?

• To measure and compare the value of goods and services

• To facilitate trade between parties

• To store wealth over time

Which of the following best describes fiat money?

• Money that has intrinsic value

• Money that is declared by a government to be legal tender

• Money that is backed by physical commodities