Chapter 7 Test

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1.
3 points
The World bank and IMF have how many member countries.
2.
3 points
Which financial agency provides assistance to countries with balance of payment difficulties.
3.
3 points
Which one is not a characteristic of money?
4.
2 points
When more people want to borrow instead of saving, interest rates increase.
5.
3 points
Which of the following is an amount due from a customer to a company that sells on credit.
6.
3 points
Which of the following is an amount owed to a supplier.
7.
3 points
Which financial agency provides economic assistance to less developed countries.
8.
2 points
The value of a country's currency is set by a floating exchange rate.
9.
2 points
Credit terms detail the amount a person must pay plus interest.
10.
3 points
The measure of the total flow of money coming into and going out of a country is what.
11.
2 points
The Japanese Yen is considered hard currency.
12.
2 points
Cash in advance payments are usually required for first time customers.
13.
3 points
Which one is not a main purpose of money?
14.
2 points
A wire transfer is different from an EFT because it means money is transferring to another country.
15.
2 points
Money does not allow you to put value on something you have to sell.
16.
2 points
he value of currency is affected by supply and demand.
17.
2 points
An expensive long term financial activity is called a capital project.
18.
2 points
Divisibility is a characteristic of money because it can be broken into smaller amounts.
19.
4 points
EFT stands for
20.
3 points
The amount of currency that can be traded for another currency is called
21.
3 points
A currency that is not easy to exchange for and has little acceptance is called
22.
3 points
Government restrictions that regulate the amount and value of a nation's currency.
23.
2 points
Uncertainty in politics in a country makes companies want to avoid the risk of doing business.
24.
2 points
To maintain the value of its currency, a nation may limit the flow of money out of the country.
25.
2 points
A promissory note is a written order by an exporter to make payment.
26.
3 points
Interest rates are affected by 3 main factors. Which of the following is not one of them.
27.
3 points
The cost of using someone else's money is called
28.
3 points
The three factors that affect exchange rate between countries is not which one
29.
2 points
When a country has a favorable balance of payments, the value of its currency is usually rising.
30.
2 points
The process of converting currency is called the exchange rate.
31.
2 points
The foreign exchange market is a network of banks that buy and sell different currencies.
32.
2 points
Money is anything people will accept for the exchange of goods and services.
33.
2 points
A bond is a certificate of money borrowed that is usually paid back within 3-5 years.
34.
2 points
An insurance certificate explains the amount of coverage for fire, theft, water, or other damage.
35.
2 points
The higher the risk associated with a loan, the lower the interest rate.
36.
3 points
Method of payment in which the importer pays for goods before they are received but after ship.
37.
3 points
A contract that a person/company buys that allows them to purchase large amounts of currency at today's price for use at a later date.
38.
2 points
Inflation reduces the buying power of a currency
39.
3 points
The IMF has 3 main duties. Which of the following is not one.
40.
3 points
How many slang terms are there for money?