TEST: Money, Banking & The Financial System

TEST: Money, Banking & The Financial System

Assessment

Flashcard

others

Hard

Created by

Laura Metzler

FREE Resource

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24 questions

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1.

FLASHCARD QUESTION

Front

Criteria to classify an item as money.

Back

a medium of exchange, a store of value, and a unit of account.

2.

FLASHCARD QUESTION

Front

Money that has intrinsic value is called

Back

commodity money.

3.

FLASHCARD QUESTION

Front

What makes currency better than the barter system?

Back

eliminates the need for a double coincidence of wants.

4.

FLASHCARD QUESTION

Front

Why would salt not work well as money today?

Back

It is not scarce.

5.

FLASHCARD QUESTION

Front

The M1, M2, and M3 money supplies classify money into categories based on

Back

liquidity.

6.

FLASHCARD QUESTION

Front

Assets that have liquidity are

Back

easy to turn into cash.

7.

FLASHCARD QUESTION

Front

A financial system brings together

Back

savers and borrowers

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