Unit 4 Review

Which of the following is an example of a barter system?

• Trading apples for oranges

• Paying with a credit card

• Using paper money to buy goods

• Depositing money in a bank

What is the primary function of the Federal Reserve?

• Printing textbooks

• Regulating the nation’s money supply

• Collecting property taxes

• Setting gold prices

Which of the following is NOT a type of currency?

• Coins

• Barter

• Paper money

• Digital currency

What is the gold standard?

• A system where currency is backed by gold

• A type of property tax

• A method of government spending

• A free enterprise law

Which of the following best describes free enterprise?

• Government controls all businesses

• Individuals are free to own and operate businesses

• Only banks can own businesses

• All businesses are non-profit

Property taxes are typically used to fund which of the following?

• Local government services

• Federal Reserve operations

• International trade

• Gold mining

items that value in themselves other than being used as a monetary unit

• Commodity Money

• Debit Cards

• Credit Cards

• Repesentative Money

Which of the following is a characteristic of a barter system?

• No use of money

• Use of digital currency

• Central banking

• Taxation

Which type of tax is based on the value of land and buildings?

• Property tax

• Sales tax

• Income tax

• Tariff

Which of the following is a key principle of free enterprise?

• Government ownership of all resources

• Competition among businesses

• Fixed prices by the government

• No private property