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Money And Banking
Test Description: Money and Banking review
Instructions: Answer all questions to get your test result.
1) What is NOT 3 functions of money?
A
Standard of value
B
Store of value
C
Medium of exchange
D
Measure of value
2) Which is NOT a characteristic of money?
A
Uniform
B
Durable
C
Divisible
D
Replaceable
3) Which is NOT an advantage of bartering?
A
uses no money
B
services can be traded too
C
requires many trades
D
can trade for items with more value
4) Fiat money is……….
A
defined as money that is backed by gold
B
defined as money in excess reserves
C
defined as money by government decree
D
defined as paper money
5) What type of money would you classify tea as?
A
Representative
B
Bartering
C
Commodity
D
Species
6) What type of money would you classify a credit card as?
A
Spieces
B
Representative
C
Commodity
D
Bullion
7) Which one is a negative of currency?
A
durable
B
acceptable
C
cost to make it
D
divisible
8) Which characteristic of money would a block of ice not meet?
A
Durable
B
Portable
C
Divisible
D
Uniform
9) Which is a disadvantage of a debit card?
A
can't get into debt
B
Identity theft
C
keeps you organized
D
can't over spend easily
10) Which is an advantage of a credit card?
A
Fees
B
credit score
C
debt
D
interest rates
*select an answer for all questions
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