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Unit 10 Review Part 1
Test Description: Unit 10 Review Part 1
Instructions: Answer all questions to get your test result.
1) Humans have been using some form of money
A
since 1945.
B
since the 1800s.
C
for billions of years.
D
for thousands of years.
2) What did all of the early forms of money have in common?
A
People agreed on their value and made them convenient to transport and trade.
B
All of the early forms of money involved cows or things that come from cows
C
All of the above
D
They made it more difficult to borrow, save, and compare the value of goods and services.
3) A slip of paper a wealthy person presented to a recipient to take to the bank to exchange for coins is called a
A
bank note.
B
cask.
C
usury.
D
credit card.
4) A coin that is made out of pure gold is an example of
A
fiat money.
B
money that is currently used widely throughout the U.S.
C
commodity money.
D
all of the above.
5) Fiat money
A
is no longer used in the United States.
B
has intrinsic value.
C
has value that is established by government decree.
D
has been the most popular type of money throughout most of history.
6) The ______________________ brought factories and a new level of production to America that resulted in increased use of currency, purchase of consumer goods, and borrowing of money.
A
Industrial Revolution
B
dot-com bubble
C
Panic of 1907
D
Revolutionary War
7) During which of the following did people have confidence in the American financial system?
A
Dot-com bubble
B
Terrorist attacks of 9/11/01
C
Panic of 1907
D
The Great Depression
8) Which of the following is NOT true about the euro?
A
Its symbol is a tribute to Greece and the stability that it brings to the countries that use it.
B
It is only traded in Europe.
C
It is very similar to the dollar because it is divided into various denominations (has different values in coins and bills).
D
It is a shared currency of Europe.
9) A group of 28 countries that operates as a cohesive economic and political block.
A
NAFTA
B
the Commonwealth of Independent States
C
the EU
D
ASEAN
10) Which of the following services offered by financial institutions would a person be looking for if he/she wanted to put money in a safe place and make money by earning interest?
A
Saving
B
All of the above
C
Borrowing
D
Spending
11) Which of the following services offered by financial institutions would a person be looking for if he/she needed more money than what is in his/her account to pay college tuition or buy a car?
A
All of the above
B
Saving
C
Borrowing
D
Spending
12) Which of the following services offered by financial institutions would a person be looking for if he/she needed more cash or wanted to make automatic payments from an account with his/her funds?
A
Borrowing
B
Spending
C
All of the above
D
Saving
13) Which of the following offer checking accounts, savings accounts, check cashing, consumer loans, certificates of deposit, and deposit insurance to customers?
A
Banks
B
All of the above
C
Savings and loan companies
D
Credit unions
14) Which of the following are non-profit and owned by their members?
A
Credit unions
B
Savings and loan companies
C
All of the above
D
Banks
15) Which of the following typically insures banks and savings and loan companies in the United States?
A
The International Monetary Fund (IMF)
B
The White House
C
The Federal Deposit Insurance Corporation (FDIC)
D
The National Credit Union Administration (NCUA)
*select an answer for all questions
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