Checks and Credit Cards Are NOT Considered Money Because They

question 340

Multiple Choice

Checks and credit cards are NOT considered money because they

• A) are issued by banks, not the Federal Reserve.
• B) are not the means of payment.
• C) typically require an identification requirement, such as your driver's license.
• D) are not backed by all commercial banks.

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Definitions:

Visual Image

A mental representation or picture perceived with the mind's eye or created by the brain’s ability to interpret visual information.

Chunking

A method of organizing information into familiar, manageable units or chunks, often used as a memory aid to enhance recall ability.

Maintenance Rehearsal

A cognitive process that involves repeatedly verbalizing or thinking about information to keep it in the memory for a longer period.

Dual Coding

A theory proposing that information can be remembered visually and verbally, and that the two systems can support each other in enhancing learning and memory.