Money Unit 1 Practice Test

What do we call the newest electronic currency?

• SmartCoin

• CryptoCurrency

• Greenback

• BitsNPieces

Exchange of one good or service for another

• Barter
• Money 
• Swindling 
• Theft

Anything that is used as a medium of exchange, a unit of account, and a store of value?

• Fiat Money
• Currency
• Barter
• Money

What are the three functions of money?

• medium of exchange, store of value, unit of account
•  medium of exchange, store of value, provides barter
• store of value, medium of exchange, creates instability

Bartering can be difficult because it is need based

• true

• false

How does the use of dollars and cents in the United States compare to other forms of money in different countries?

How do different countries' forms of money impact their economies and trade relationships?

What are the advantages and disadvantages of using different forms of money such as coins, bills, credit cards, and digital payments?

How do different countries' types of money reflect their cultural and historical significance?

How does money represent a promise of value in different forms?