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An example of a point-of-sale (POS)terminal is when you go to the grocery store and the system transfers funds from your account to the store's account.

A) True
B) False

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Which of the following is NOT a type of electronic funds transfer system?


A) demand deposits
B) automated teller machines
C) automatic payroll deposits
D) electronic bill payments

E) A) and B)
F) B) and C)

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What distinguishes a credit union from all other financial institutions?

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A credit union provides financ...

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In mutual savings banks,all depositors are considered owners of the bank.

A) True
B) False

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Which of the following best describes the stability characteristic of money?


A) It neither dies nor spoils and if it wears out, it can be replaced.
B) Units of money can be matched with the value of goods.
C) It allows people to measure the relative value of goods and services.
D) Its value is relatively constant.

E) A) and C)
F) All of the above

Correct Answer

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The M-1 money supply includes the most liquid forms of money.

A) True
B) False

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Insurance companies accumulate money from premiums charged for coverage.What do they invest these funds in?

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They invest these fu...

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All nationally chartered banks are members of the Federal Reserve System,as are some state-chartered banks.

A) True
B) False

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The term ________ is another name for checking accounts.


A) currency
B) time deposit
C) demand deposit
D) certificate of deposit

E) None of the above
F) C) and D)

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Which of the following is NOT a function of money?


A) medium of exchange
B) status symbol
C) store of value
D) measure of worth

E) B) and D)
F) All of the above

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Which of the following best describes the durability characteristic of money?


A) It neither dies nor spoils and if it wears out, it can be replaced.
B) Units of money can be matched with the value of goods.
C) It allows people to measure the relative value of goods and services.
D) Its value is relatively constant.

E) B) and D)
F) A) and B)

Correct Answer

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The Federal Reserve System is the only federal agency that regulates banks.

A) True
B) False

Correct Answer

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Which of the following will result in a decrease in the money supply?


A) an increase in reserve requirements
B) an increase in the discount rate
C) a decrease in reserve requirements
D) both an increase in reserve requirements and an increase in the discount rate

E) All of the above
F) A) and D)

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A(n) ________ is a financial institution accepting deposits that it uses to make loans and earn profits.


A) investment club
B) credit union
C) commercial bank
D) mutual savings bank

E) None of the above
F) A) and B)

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What is the difference between a credit card and a debit card?

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Credit cards allow users to bo...

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What is the difference between a public pension fund and a private pension fund?

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A public pension fund includes Social Se...

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How does e3bank use "the triple bottom line"?

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"The triple bottom line" consi...

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How do banks "create" money?


A) They mint coins.
B) They print bills.
C) They take in deposits and make loans.
D) They create money by doing all of the above.

E) B) and C)
F) A) and C)

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Short Case Scenario 15-1 John Smith, a Minnesota native, has recently been elected to the U.S. House of Representatives. John, a long-time college professor, was elected on a platform of educational reform. Somehow, John finds himself appointed to the Joint Economic and Financial Services Committees. John is having a hard time understanding the testimony before each committee, but is hesitant to ask too many questions. -There is a discussion of M-1 and M-2.Explain M-1 and M-2.

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M-1 and M-2 are two measures of the mone...

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Banks are subject to prosecution when they fail to maintain systems for identifying and reporting suspicious activities.

A) True
B) False

Correct Answer

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