Question 1

____________________ is all media of exchange circulating in a country.

Accepted Answer

Currency

Question 2

A loosening of lending oversight standards contributed to the recent mortgage crisis.

Accepted Answer

A) True 
 B)False  True

Question 3

A check is an example of bank currency.

Accepted Answer

A) True 
 B)False  False

Question 4

If you earn $24,000 per year and the inflation rate is 7% per year, how much would you have to earn next year to keep pace with inflation?

Accepted Answer

The answer of If you earn $24,000 per year and...

Question 5

In what year did the Great Depression begin?

Accepted Answer

The answer of In what year did the Great Depression...

Question 6

What effect did the Monetary Control Act of 1980 and the Garn-St Germain Depository Institution Act of 1982 have on banks?

Accepted Answer

The answer of What effect did the Monetary Control Act...

Question 7

When did the U.S. government begin to print paper currency? Where did American paper currency come from before then?

Accepted Answer

The answer of When did the U.S. government begin to...

Question 8

On January 1, the cost of a product is $50. If inflation for that year is 12 percent, what does the product cost on December 31 of that year?

Accepted Answer

The answer of On January 1, the cost of a...

Question 9

How did Alexander Hamilton attempt to establish the federal government as the final authority for America's economic security?

Accepted Answer

The answer of How did Alexander Hamilton attempt to establish...

Question 10

Money is a medium of exchange for people to use to trade things of value.

Accepted Answer

A) True 
 B)False

Question 11

A bank ____________________ occurs when many people try to withdraw their money from a bank at once.

Accepted Answer

The answer of A bank ____________________ occurs when many people...

Question 12

Counterfeiting was not a problem when the government first began printing paper currency.

Accepted Answer

A) True 
 B)False

Question 13

A collective rise in the supply of money, incomes, and prices is called ____________________.

Accepted Answer

The answer of A collective rise in the supply of...

Question 14

What does the Federal Deposit Insurance Corporation do?

Accepted Answer

The answer of What does the Federal Deposit Insurance Corporation...

Question 15

What causes stagflation?

Accepted Answer

A)  a stagnant economy
B)  high inflation
C)   high unemployment
D)   all of the above

Question 16

What problem did the National Currency Act of 1863, later rewritten as the National Banking Act of 1864, address?

Accepted Answer

The answer of What problem did the National Currency Act...

Question 17

The National Banking Act of 1864 established the Office of the ____________________ of the Currency to issue charters to national banks.

Accepted Answer

The answer of The National Banking Act of 1864 established...

Question 18

The U.S. government currently prints paper currency in seven different denominations, or amounts. If you had one bill of each of these seven denominations, how much money would you have?

Accepted Answer

The answer of The U.S. government currently prints paper currency...

Question 19

The first Bank of the United States was a government institution.

Accepted Answer

A) True 
 B)False

Question 20

Check 21 allows

Accepted Answer

A)  anyone over the age of 21 to obtain a checking account.
B)  a discount on account servicing fees if more than 21 checks are written during the month.
C)   funds to remain in an account until 21 days after the check is written.
D)   using substitute checks to process checks electronically.

Exam 2: Development of the Us Banking System

____________________ is all media of exchange circulating in a country.

A loosening of lending oversight standards contributed to the recent mortgage crisis.

A check is an example of bank currency.

If you earn $24,000 per year and the inflation rate is 7% per year, how much would you have to earn next year to keep pace with inflation?

In what year did the Great Depression begin?

What effect did the Monetary Control Act of 1980 and the Garn-St Germain Depository Institution Act of 1982 have on banks?

When did the U.S. government begin to print paper currency? Where did American paper currency come from before then?

On January 1, the cost of a product is $50. If inflation for that year is 12 percent, what does the product cost on December 31 of that year?

How did Alexander Hamilton attempt to establish the federal government as the final authority for America's economic security?

Money is a medium of exchange for people to use to trade things of value.

A bank ____________________ occurs when many people try to withdraw their money from a bank at once.

Counterfeiting was not a problem when the government first began printing paper currency.

A collective rise in the supply of money, incomes, and prices is called ____________________.

What does the Federal Deposit Insurance Corporation do?

What causes stagflation?

What problem did the National Currency Act of 1863, later rewritten as the National Banking Act of 1864, address?

The National Banking Act of 1864 established the Office of the ____________________ of the Currency to issue charters to national banks.

The U.S. government currently prints paper currency in seven different denominations, or amounts. If you had one bill of each of these seven denominations, how much money would you have?

The first Bank of the United States was a government institution.

Check 21 allows