What gives U.S. money its value?

Consumer confidence in U.S. Gov. (aka fiat money)

Which of the following is true about gift cards?

A monthly inactivity fee begins after 12 months

What of the following is NOT one of the roles of the U.S. Department of Treasury?

Oversees the storage of gold at Ft. Knox

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W!se Financial Literacy Test Review-Money

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This quiz is for students reviewing for the W!se Financial Literacy exam.

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Questions 13

Answers

1
What are NOT some examples of a "cashless" society?
Coins
Electronic funds transfers (EFTs)
Credit and debit cards
Gift cards
2
Which type of guaranteed payment instruments have the highest counterfeit rate?
personal checks
traveler's checks
certified checks
money orders
3
How soon does money get taken out of your account when you pay with a debit card?
One week
One month
Immediately
Three to five days
4
Which of the following accounts may be linked to your debit card?
Savings account
Checking account
401(k) account
Credit card account
5
What gives U.S. money its value?
Alaskan oil reserves.
Chinese government loans
U.S. gold reserves
Consumer confidence in U.S. Gov. (aka fiat money)
6
Are interest and dividends that you earn on your investments taxable?
Yes
No
7
Which of the following is true about gift cards?
They are easy to replace if lost or stolen.
A monthly inactivity fee begins after 12 months
They charge interest on purchases.
They are hard to find.
8
What does an electronic funds transfer (EFT) allow you to do?
Pay your bills online
Pay your bills with paper checks
Send paper checks to PO Boxes
Increase the spending limit on your credit card
9
What are some characteristics of money that make it an ideal medium of exchange?
It is durable.
It is convenient.
All of the above
It is divisable.
10
Which negotiable instruments below are NOT guaranteed forms of payment?
Money order
Cashier's check
Certified check
Personal check
11
What of the following is NOT one of the roles of the U.S. Department of Treasury?
Oversees the IRS
Oversees the Bureau of Engraving
Oversees the storage of gold at Ft. Knox
Oversees the U.S. Mint
12
Who is hurt by inflation?
People on fixed incomes
People with auto loans
People with fixed-rate mortgages
People who invest in stocks
13
What security features in paper currency prevent counterfeiting?
portrait watermark
security thread
all of the above
3D ribbon

W!se Financial Literacy Test Review-Money Flashcards | StudBud