Money Unit Review Questions

Answer the following questions.

1. Whose signature is on each Federal Reserve note?
2. Whose portrait is on the $20 bill?
3. What does the letter “K” stand for in the seal?
4. Name two ways the United States protects its currency from counterfeiting.
5. Who should you contact if you suspect you have been given counterfeit currency?
6. True or False:
   The U.S. government plans to recall all currency and replace it with the newly designed currency.
7. True or False:
   The Federal Reserve System prints all the money in the United States.
8. What's the difference between representative money and fiat money?
9. What are the three functions of money?
10. Who is credited with making the first paper money?
11. What were some of the commodities people used as money and why?
12. Money replaced what system of trade?

 Answers