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Business - Ch 12 Money And Banking
Test Description: Review for test
Instructions: Answer all questions to get your test result.
1) Money has always been either paper or coin
A
true
B
false
C
breakfast burrito
D
blueberry pancakes
2) money should be both a standard of value and a store of value
A
false
B
firecracker chicken pasta
C
true
D
five cheese pasta
3) money should be a way to measure the weight, amount, size, or value of something. this means that money is a
A
medium of exchange
B
standard of value
C
store of value
4) money has to hold its value over time, or can be stored or saved. this means money is a
A
standard of value
B
store of value
C
medium of exchange
5) money has to be generally accepted as a measure of value and wealth. This means money is a
A
medium of exchange
B
standard of value
C
store of value
6) giant concrete blocks cannot be money because they are not
A
durable
B
portable
C
stable
7) you need pennies, nickels, dimes, 20's and 50's because money must be
A
accepted
B
durable
C
divisible
D
scarce
8) which of the following couldn't be counted as money because of it's durability?
A
tomatoes
B
parrot feathers
C
gold
D
coin
9) a firm that manages money
A
bank account
B
financial institution
C
deposit
D
credit
10) what are the main types of financial institutions?
A
credit unions
B
banks
C
mortgage companies
D
investment banks
11) a record of the amount of money a customer has withdrawn or deposited
A
withdrawal
B
deposit
C
financial institution
D
bank account
12) which of the following stores money in the short term?
A
checking account
B
mortgage
C
savings account
D
ira
13) in which of the following do you have to pay interest
A
cd
B
savings account
C
checking account
D
mortage
14) what is money paid at a certain rate to customers for keeping their money at the bank? Also it could be money you pay the bank to use their money
A
principal
B
premium
C
withdrawal
D
interest
15) which of the following is an electronic way that money is transferred?
A
eft
B
check
C
cash withdrawal
D
deposit
16) what is the primary way banks generate profits?
A
late fees
B
loans
C
checking accounts
D
overdraft fees
17) property or goods pledged by a borrower to use as security against a loan if it is not repaid
A
promisory note
B
collateral
C
usury
18) what is co-signing?
A
loaning with interest
B
becoming responsible for the loans of others
C
getting a loan
D
trig term
19) The Bible encourages saving and lending, but not borrowing
A
hummus and pita
B
sweet and sour chicken
C
true
D
false
20) if you get a 30 yr loan for 120,000 @ 5% interest. How much interest will you pay over the life of the loan?
A
@69,000
B
@ 112,000
C
@39,000
D
@ 7200
*select an answer for all questions
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