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Money and Banking DANTES Practice Test
1) What is barter?
A) The gifting of an item
B) When someone agrees to do work for food
C) When money is exchanged for an item
D) When a receipt is exchanged for an item
2) When was the first recorded production of minting of currency?
A) 1789 B.C.
B) 10th century A.D.
C) 640-630 B.C.
D) Golden age of Greece
3) What are the basic properties of money?
A) Generally recognized and backed by gold
B) Recognized markings and proper weight
C) Portable and has a measure of value
D) Issued by the government and a measure of value
4) Who developed the “fractional reserve” concept?
A) Goldsmiths and Jewelers
D) Free Masons
5) How much of the U.S. GDP is made up of consumerism (retail purchases)?
6) Which is not a component of the world contemporary financial system?
A) The Fed
C) United Nations
7) What is the main duty of the IMF?
A) Provide emergency funds to central banks
B) Help underdeveloped countries
C) Help maintain stable exchange rates
D) Enforce international banking laws
8) What is the main difference between the FOREX and a commodity exchange?
A) The FOREX is dedicated to trading currencies only
B) The Commodity exchanges are limited to commodities only
C) The FOREX is limited to large institutions
D) Commodities do not include currencies
9) What is Freddie Mack?
A) A hamburger named for a famous California skateboarder
B) The name of a Federal Bank
C) A GSE
D) A federal loan program
10) What private investment vehicle has done most to provide growth for the developing world?
A) Venture Capitalists
B) Commercial Banks
C) Charitable contributions
D) Mutual Funds
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Money and Banking DSST Practice Test Answer Key:
1. B:) When someone agrees to do work for food.
- 2. C:) 640-630 B.C.
- 3. C:) Portable and has a measure of value.
- 4. A:) Goldsmiths and Jewelers.
- 5. C:) 80%.
- 6. C:) United Nations.
- 7. C:) Help maintain stable exchange rates.
- 8. A:) The FOREX is dedicated to trading currencies only.
- 9. C:) A GSE.
- 10. D:) Mutual Funds.