WorksheetsEcon Unit 3
Total questions: 25
Worksheet time: 13mins
What is meant by "legal tender" in the context of money?
Money that is used to measure value
Money that must be accepted for purchases and debts
Money that is used to store goods
Money that is used to create services
What is the most important characteristic of money?
Portability
Scarcity
Acceptability
Durability
Why is scarcity an important characteristic of money?
It makes money easy to carry
It ensures money is widely accepted
It adds value to money
It makes money durable
What did Roman soldiers receive as part of their wages?
Gold coins
Silver bars
An allotment of salt
Copper tokens
What is the main idea of this unit?
The history of salt
Characteristics of exchange and money
The value of pumpkins
The use of glass bowls in trade
What is commodity money?
Money that has no intrinsic value
Money that is backed by government decree
A good that has value in trade and is used as a medium of exchange
Digital currency used in online transactions
What is a loan?
A gift of money with no expectation of repayment
A transaction where a lender gives money to a borrower who agrees to repay it
A deposit made in a bank
A type of commodity money
What are banknotes?
Coins made of precious metals
Elaborate paper receipts given in exchange for deposits
Digital currency used in online banking
Checks used for transactions
What characteristic made gold and silver preferred as commodity money?
They were abundant and easy to find
They were scarce, portable, durable, divisible, and uniform
They were edible and consumable
They were only used in one region
During which period did private banks arise in Europe?
The Industrial Revolution
The Renaissance
The Middle Ages
The Enlightenment
What determines what counts as money in addition to currency?
The government’s decision
The kinds of assets economists choose
The amount of gold reserves
The number of banks
What role do consumers play in the value of U.S. dollars?
They determine the gold reserves.
They believe they can purchase goods and services with dollars.
They print the money.
They set the exchange rates.
Why might credit cards not be considered money?
They are not issued by the government.
They are not liquid enough to qualify as money.
They are backed by gold.
They are only used for online purchases.
What is a debit card primarily used for?
Buying goods and services
Investing in stocks
Applying for loans
Earning interest
What type of interest is paid on both the original amount and all interest earned?
Simple interest
Fixed interest
Compound interest
Variable interest
Allows a person to buy now with borrowed money and pay for it later.
Credit
Bonds
Securities
Fiat
Individual Retirement Account
IRA
IRS
FDIC
FIAT
Ability of money to be carried around.
Portability
Acceptability
Scarcity
Durability
Chance of losing money
Debt
Risk
Bond
IRA
Accepted as money for purchases and as payment for a debt.
Legal Tender
Fiat Money
Cryptocurrency
Corporate Bonds
"_________fund" is an easily accessible stockpile of savings.
Rainy Day
Liquid Currency
Government Savings
Stock Market
A loan used to buy a house.
Mortgage
Bond
Security
Credit Card
A business that receives deposits and makes loans.
Bank
Stock Exchange
Firm
Agency
Money paid periodically in return for the use of borrowed funds.
Interest
Dividend
Deposits
Stocks
Our Nation's Central Bank
Federal Reserve
Fort Knox
Bank of the United States
NYSE
