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Chapter 6 - Checkpoint #1

Authored by Dustin McLochlin

Social Studies

9th - 12th Grade

Used 1+ times

Chapter 6 - Checkpoint #1
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a primary function of money?

Medium of exchange
Unit of account
Source of entertainment
Store of value

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the function of money as a unit of account?

It is used to store wealth over time.
It represents a physical commodity like gold.
It allows for the comparison of the value of different items.
It facilitates the exchange of goods and services.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'limited supply' refer to in the context of money?

Money should be printed frequently.
Money should be scarce to maintain its value.
Money should be available in unlimited quantities.
Money should be easily accessible.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of money is backed by a physical item of value, such as gold or silver?

Fiat money
Representative money
Commodity money
Digital currency

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines fiat money?

Money that is only used in digital transactions
Money backed by a physical commodity
Money established by government regulation
Money that has intrinsic value

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements accurately describes the Federal Reserve System?

It is responsible for managing the national debt.
It was created to regulate the stock market exclusively.
It serves as the central banking system of the United States.
It was established to issue physical currency only.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the Federal Reserve Board?

To issue currency
To oversee the Federal Reserve Banks
To manage the national debt
To regulate the stock market

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