Money and Banking
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Three functions of money | Medium of exchange, unit of account, store of value
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| When does money not work as a good store of value? | When there is a time of inflation
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| Coins and paper bills used as money | Currency
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| Currency should withstand wear and tear | Durability
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| Currency should be easy to carry around | Portability
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| Currency should be easy to break into smaller amounts | Divisibility
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| Both in same terms on what they can buy | Uniformity
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| Control the amount in the economy | Limited Supply
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| Anyone can use it to buy goods | Accessibility
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| Items used as currency, like wheat | Commodity money
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| Certificates used to trade in for valuable goods such as silver | Representative money
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| Federal reserve notes used to buy goods and a way to pay debts | Fiat money
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| Gold or silver coin | Specie
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| Why did some people want to create a National Bank? | To ensure growth in the US with a secure and safe banking system
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| Paper currency issued during the Civil War | Greenbacks
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| Monetary system in which paper money and coins had the value of some amounts of gold | Gold Standard
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| When and why was the Federal Reserve Banking system created? | 1913, to become the nations first true central bank, to help other banks in need
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| Number of Federal Reserve Districts | Twelve
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| Money people have easy access to | M1
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| Assets in M1 plus other additional assets | M2
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| Four major roles banks play in the Economy | Store money, save money, provide loans, issue credit cards
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| Offers checking accounts, deposits, and make loans | Commercial Banks
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| Lends money to those wanting to build their own homes | Saving and Loans Banks
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| Allow people to safely store money they wish to save | Savings Bank
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| Consumer loans and some checking account services | Credit Unions
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Created by:
sudokken
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