This quiz works best with JavaScript enabled. Home > Finance > General > Money – Quiz 32 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Money Quiz 32 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Money acts as a go-between to make it easier tobuy things. Sellers agree to accept it in exchangefor a good or service. A) Measure of ValueB) Store of ValueC) Medium of Exchange A) A. B) B. C) C. D) None of above. Show Answer Correct Answer: C) C. 2. When there is not enough of something that people need, such as food or water, what word describes what the government might do in order for as many people as possible to get what they need? A) Gouging. B) Allocation. C) Demand. D) None of above. Show Answer Correct Answer: B) Allocation. 3. Money, property, and other goods that have value. A) Asset. B) Cash. C) Credit. D) Physical capital. Show Answer Correct Answer: A) Asset. 4. The four characteristics of money are A) Portable, divisible, durable, available. B) Sensible, portable, durable, available. C) Durable, curable, fallible, liable. D) None of above. Show Answer Correct Answer: A) Portable, divisible, durable, available. 5. When we continue using a product or service that makes us unhappy because the cost has already been incurred and cannot be recovered. This is an example of ..... A) Economic Stupidity. B) Sunk Cost Fallacy. C) Endowment Effect. D) None of the above. Show Answer Correct Answer: B) Sunk Cost Fallacy. 6. Anything that is used as a medium of exchange, a unit of account, and a store of value? A) Fiat Money. B) Currency. C) Barter. D) Money. Show Answer Correct Answer: D) Money. 7. Where is money made? A) United state's. B) New York. C) Money mint. D) The us treasury. Show Answer Correct Answer: C) Money mint. 8. Money saved and used in the future describes which basic function of money? A) Medium of exchange. B) Store of value. C) Unit of account. D) Standard of deferred payments. Show Answer Correct Answer: B) Store of value. 9. To an economist, ..... is anything that is generally accepted in payment for goods and services or in the repayment of debt. A) Wealth. B) Income. C) Money. D) Credit. Show Answer Correct Answer: C) Money. 10. Which of the following are banking services A) Issuing credit cards. B) Issuing loans. C) Storing money. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. The oldest form of money in the WORLD is A) Stones. B) Seashells. C) Cattle. D) Seeds. Show Answer Correct Answer: C) Cattle. 12. Something that serves as a way to compare values? A) Currency. B) Store of value. C) Medium of exchange. D) Unit of account. Show Answer Correct Answer: D) Unit of account. 13. What is the Cash Reserve Ratio (CRR)? A) The fraction of the deposits that commercial banks lend to the customers. B) The fraction of the deposits that RBI must keep with commercial banks. C) The fraction of the deposits that commercial banks must keep with RBI. D) None of above. Show Answer Correct Answer: C) The fraction of the deposits that commercial banks must keep with RBI. 14. Which of the following is a sign of a weak economy? A) Prices that remain the same. B) A high unemployment rate. C) Increasing GDP. D) Increase in spending power. Show Answer Correct Answer: B) A high unemployment rate. 15. Purchases made with your debit card are usually: A) Deducted immediately from your checking account. B) Deducted from your credit card balance. C) Added to your credit card balance. D) Put on your credit card bill as a cash advance. Show Answer Correct Answer: A) Deducted immediately from your checking account. 16. When deciding which purchase is the best deal, which role of money is being used? A) Unit of account/standard of value. B) Medium of exchange. C) Store of value. D) None of above. Show Answer Correct Answer: A) Unit of account/standard of value. 17. Money multiplier is A) 1/ CRR. B) 1/ SLR. C) 1/ LRR. D) NONE OF THESE. Show Answer Correct Answer: C) 1/ LRR. 18. Which of the following uses an allocation system based on achievement? A) Tickets to a sporting event. B) College admissions. C) Medical triage. D) Welfare programs. Show Answer Correct Answer: B) College admissions. 19. Privately owned, publicly controlled, central bank of the United States A) Central bank. B) Federal Reserve System (Fed). C) National bank. D) Wachovia. Show Answer Correct Answer: B) Federal Reserve System (Fed). 20. What is used to measure inflation? A) A ruler. B) CPI Consumer Price Index. C) A scale. D) None of above. Show Answer Correct Answer: B) CPI Consumer Price Index. ← PreviousNext →Related QuizzesFinance QuizzesMoney Quiz 1Money Quiz 2Money Quiz 3Money Quiz 4Money Quiz 5Money Quiz 6Money Quiz 7Money Quiz 8Money Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books