Money, Debt And Deficit Quiz
A short online quiz on the forms and uses of money, and the 2012 debt and deficit issues.
- 1.Money replaced this ancient system of trade.
- A.
Hunting
- B.
Marketplaces
- C.
Barter
- D.
Medium of exchange
- 2.When specific goods or products, such as shells, cigarettes or precious metals, are used by people to make trading easier and allow trade to take place, we call these products...
- A.
Tradables
- B.
Commodity Money
- C.
Coins
- D.
Swap goods
- 3.When money makes trade easier as a sort of "go-between", we call this use of money
- A.
Medium of Exchange
- B.
Measure of Value
- C.
Store of Value
- D.
Unit of Account
- 4.What form of money dominates our money supply today?
- A.
Coins
- B.
Currency
- C.
Paper Checks
- D.
Demand Deposit accounts
- 5.What "backs" United States money today?
- A.
Gold
- B.
Nothing
- C.
Bonds
- D.
Faith and credit of the U.S. Government
- 6."Plastic" is a form of money.
- A.
True
- B.
False
- 7.American paper currency today is
- A.
Redeemable in gold or silver.
- B.
Backed by gold and silver.
- C.
Mostly made in and owned by China.
- D.
Managed by the Federal Reserve System.
- 8.If our government eliminated cash and currency and made all transactions done on computers, we could expect
- A.
Faster and better economic growth.
- B.
An alternative commodity money to spring up.
- C.
Other countries to dominate our economy.
- D.
People to rebel.
- 9.The yearly overspending by a government is called...
- A.
The Deficit.
- B.
The National Debt.
- C.
The Budget
- D.
The Fiscal Cliff.
- 10.If a country overspends its budget year after year, we call the result
- A.
The deficit.
- B.
The national debt.
- C.
The budget.
- D.
The fiscal cliff.
- 11.The United States today has a national debt of approximately
- A.
$16 Billion.
- B.
$200 Billion
- C.
$16 Trillion
- D.
$1 Gazillion
- 12.The U.S. Government today is facing a problem called "Fiscal Cliff". This means...
- A.
We will fall over into a Depression unless Obama is re-elected.
- B.
Congress and the President must agree on tax cuts and/or spending cuts or there will be automatic penalties that could bring a recession.
- C.
Congress and the President must raise taxes on the rich or else the poor will fall off the cliff.
- D.
Spending must be cut for all people or we will go over a cliff.
- 13.Most government spending goes "out the door" today ...
- A.
With a specific act of Congress.
- B.
By order of President Obama.
- C.
Automatically, with no action by Congress.
- D.
Directly to China.
- 14.If a person receives money or benefits from the government because he/she qualifies by reason of some action or payment, we call this a(n)...
- A.
Entitlement.
- B.
Budget item.
- C.
Deficit.
- D.
Debt.
Questions: 5 | Attempts: 302 | Last updated: Mar 17, 2022
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