Understanding Money: Past, Present, and Future

What is commodity money?

• Money that is backed by gold

• Money that is stored digitally

• Money that is a physical good with intrinsic value

• Money that represents a promise by the government

What was the gold standard?

• A system where money was backed by gold

• A system where money was backed by silver

• A system where money was backed by copper

• A system where money was backed by oil

What is fiat money?

• Money that represents a government promise

• Money that is used in international trade

• Money that is backed by a physical commodity

• Money that is a digital currency

How do debit cards work?

• They provide a loan to the user

• They transfer the bank's money to the merchant

• They are used only for online transactions

• They transfer your money to the merchant immediately

What is the main difference between debit and credit cards?

• Credit cards transfer your money immediately

• Debit cards are used for online shopping only

• Debit cards transfer your money immediately, credit cards use the issuer's money

• Credit cards are linked directly to your bank account

What is an ACH payment?

• A method to pay using cryptocurrency

• A method to automatically pull money from your account

• A method to transfer money internationally

• A method to deposit money into your account

What is a wire transfer?

• A method to deposit money into your account

• A method to pay for monthly subscriptions

• A method to transfer large amounts of money internationally

• A method to transfer small amounts of money quickly

What is the potential future of money according to some people?

• A return to the gold standard

• The use of only physical cash

• The use of barter systems

• The rise of cryptocurrency

What is unique about cryptocurrency compared to traditional money?

• It is only used for illegal transactions

• It is not backed by anything and derives value from its usefulness

• It is backed by a government promise

• It is backed by gold

Which companies are mentioned as accepting Bitcoin?

• Apple, Google, and Amazon

• Netflix, Hulu, and Disney

• Microsoft, Starbucks, and AT&T

• Facebook, Twitter, and Instagram