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Economics- Money

Total questions: 38

Worksheet time: 33mins

Name
Class
Date
1.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
2.
How much people want something
a)
supply
b)
demand
3.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
4.

Who proposed the first National Bank?

a)

James Madison

b)

Andrew Jackson

c)

Alexander Hamilton

d)

Aaron Burr

5.

Up to how much money will be covered if your bank collapses

a)

$25

b)

$250,000

c)

$2,500

d)

$2,500,000

6.
The reserve requirement is the formula used to compute the amount of a depository institution’s required reserves.
a)
True
b)
False
7.
money by government decree; has no alternative value or use as a commodity
a)
gold standard
b)
stock
c)
fiat money
d)
reserve requirement
8.
a commercial bank chartered by the National Banking System 
a)
 national bank 
b)
corporation
c)
central bank 
d)
reserve requirement
9.
a system in which the basic unit of currency is equivalent to, and can be exchanged for, a specific amount of gold
a)
corporation
b)
fiat money
c)
 stock
d)
gold standard
10.
a bank that can lend to other banks in times of need, or a “bankers’ bank”
a)
central bank
b)
 corporation 
c)
national bank 
d)
Federal Reserve System (Fed)
11.

How do banks make money?

a)

Higher interest on savings accounts

b)

Collecting taxes

c)

Giving loans with interest

d)

By providing lollipops

12.

With the creation of the national bank, the country's currency would be...

a)

Different for each state

b)

The same throughout the country

13.

Which of the following is a function of money?

a)

acceptability

b)

medium of exchange

c)

portability

d)

relatively scarce

14.

Money has to be accepted by everyone, which means

a)

long lasting

b)

limited in supply

c)

easy to carry

d)

everyone agrees upon it

15.

Money must be durable, which means

a)

long lasting

b)

easy to carry

c)

limited in supply

d)

easily identified

16.

Money must be easy to carry, which means it means which characteristic?

a)

durability

b)

store of value

c)

divisibility

d)

portability

17.

Which function of money encourages people to save money?

a)

medium of exchange

b)

store of value

c)

unit of account

d)

acceptability

18.

The fact that all money must be identical so that people recognize it means that it meets which characteristic?

a)

divisibility

b)

uniformity

c)

unit of account

d)

relatively scarce

19.

Money must be easily divided into small parts so that people can purchase goods and services at any price; this meets which characteristic?

a)

portability

b)

acceptability

c)

divisibility

d)

uniformity

20.

The federal reserve is considered the nation's central bank.

a)

true

b)

false

21.

The federal reserve is responsible for determining how much money should be in circulation.

a)

true

b)

false

22.

The federal reserve is also known as "the fed."

a)

true

b)

false

23.

Anything that is used as a medium of exchange, a unit of account, and a store of value?

a)

Fiat Money

b)

Currency

c)

Barter

d)

Money

24.

What are the three functions of money?

a)

medium of exchange, store of value, unit of account

b)

medium of exchange, store of value, provides barter

c)

store of value, medium of exchange, creates instability

25.
Our current money is _______ money. Meaning that it has value because the government has ordered that it is an acceptable means to pay debts.
a)
Commodity
b)
Fiat
c)
Representative
d)
Funny
26.
What are the 3 functions of money ? 
a)
get rich influence people and flaunt 
b)
medium of exchange standard of value
store of value
c)
it doesn't have a function
d)
deposit withdrawal interest 
27.
Currency and coins in circulation + checking deposits + travelers checks:
a)
M1
b)
M2
c)
M3
d)
M4
28.

There are 4 common types of savings tools, ordered from lowest to highest by interest rates. A. checking accounts, savings accounts, money market deposit accounts, and certificates of deposit

a)

Checking,Savings,Money Market,CD

b)

Checking,Savings,CD,Money Market

c)

Savings,Checking,Money Market,CD

d)

Savings,Money Market,Checking,CD

29.

What is credit?

a)

Money you borrow and must pay back

b)

Free money that you do not have to pay back

c)

Money you have saved for emergencies

d)

The balance left on a gift card

30.
When people went to the bank to withdraw their money and the banks had no money was known as the 
a)
Bank Crisis 
b)
Black Tuesday
c)
Stock Market Crash
d)
New Deal 
31.
This New Deal program insured the public's deposits to make sure that the bank runs never happened again 
a)
PWA
b)
WPA
c)
SSA
d)
FDIC
32.

If the bank can't pay you, the government will

a)

AAA

b)

FDIC

c)

FSA

d)

SSA

33.

How did FDR help restore faith in the banks?

a)

Created the FDIC

b)

Paid people to go back to the banks

c)

Bought all the banks himself

34.
How many district banks are there?
a)
7
b)
2
c)
12
d)
Each state has one.
35.
The Federal Reserve was established in
a)
1929
b)
1865
c)
1913
d)
1907
36.
The central bank of the United States.
a)
the Federal Reserve System
b)
advisory councils
c)
monetary policy
d)
discount rate
37.
Which of the following is NOT a way the Fed acts as the government's bank?
a)
holds the government's money
b)
deals with the banking regulations
c)
issues the nation's currency
d)
sells U.S. government bonds and Treasury bills
38.
What is the gold standard?
a)
A system that uses actual gold coins as a country’s money
b)
A system in which the country’s money is backed with gold
c)
A currency system in which each dollar is worth 1/20th of a pound of gold
d)
A money system in which the paper currency is good in more than one country

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