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Modules 105-107 Review Part 1
Test Description: Modules 105-107 Review Part 1
Instructions: Answer all questions to get your test result.
1) What is the term that describes a form of money that has intrinsic value?
A
Commodity
B
Credit
C
Bank note
D
Fiat
2) What characteristic is common to money throughout history?
A
It has been relatively easy to trade, transport, save, and invest
B
It has been transferable across nations
C
It has been issued by private companies
D
It has been made of precious met
3) Which of these served as the standard for currency through much of the 19th and 20th centuries?
A
Gold
B
Paper
C
Shells
D
Cattle
4) Which term describes the extra fee paid in return for borrowing a sum of money—excluding a loan origination fee?
A
B. Foreclosure
B
C. Interest
C
D. Mortgage
D
Credit
5) Which of these was one of the reasons for establishing the First Bank of the United States?
A
To cover election expenses for the new president
B
To collect debts from foreign countries
C
To create a single currency for the United States
D
To win independence from Great Britain
6) What was the purpose of establishing the Federal Reserve Bank?
A
To provide a lending agency so poor citizens could get mortgages
B
To generate additional revenue for the United States government
C
To help the government save money during periods of expansion
D
To make funds available to banks when cash reserves were low
7) Which of these were characteristics of the American economy of the 1950s?
A
Fast growth and loose credit restrictions
B
Steady growth and increased production
C
High unemployment and low wages
D
Unstable stock prices and high inflation
8) Which of these was a major factor in the economic instability of the 1970s?
A
Protests against the Vietnam War
B
The price of oil
C
Tight credit restrictions on consumers
D
Low inflation
9) What was one economic result of the terrorist attacks of 2001?
A
Crisis of confidence in financial system
B
Steady growth
C
Low unemployment rate
D
Rising home prices
10) What was one result of increased mortgage foreclosures after 2007?
A
Decreased unemployment
B
A rise in the stock market
C
Tighter credit restrictions
D
Increased bank profits
11) Which term describes getting a sum of money for a specific purpose that is repaid over time?
A
Spending
B
Borrowing
C
Saving
D
Investing
12) What risk do investors take on when they invest or loan money to new businesses?
A
They will not be able to collect the fees
B
They will not receive enough interest
C
They will not be able to borrow enough
D
They will fail in their business
*select an answer for all questions
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