Vocab Quiz 10-1

4. money or other substance generally accepted as payment for goods and services; one of the three functions of money
6. money by government decree; has no alternative value or use as a commodity
9. privately owned, publicly controlled, central bank of the United States
10. account whose funds can be removed from a bank or other financial institution by writing a check or using a debit card
13. one of the three functions of money allowing people to preserve value for future use
14. money or other substance generally accepted as payment for goods and services; one of the three functions of money

1. moneyless economy that relies on trade or barter
2. paper currency issued by the Fed that eventually replaced all other types of federal currency
3. an overthrow of government
5. broad definition of money supply conforming to money’s role as a medium of exchange and store of value; components include M1 plus savings deposits, time deposits, and money market funds
7. money that has an alternative use as an economic good; gunpowder, flour, corn, etc.
8. money in the form of gold or silver coins
11. narrow definition of money supply conforming to money’s role as medium of exchange; components include coins, currency, checks, other demand deposits, traveler’s checks
12. standard unit of currency in a country’s money supply; American dollar, British pound, etc.