Why Is the Currency Act of 1900 Significant

question 95

Multiple Choice

Why is the Currency Act of 1900 significant?

• A) It committed the United States to the gold standard.
• B) It marked the first time the United States developed a uniformed currency.
• C) It prohibited the United States from running a deficit greater than 3 percent of the GNP.
• D) It established the one dollar, five dollar, and ten dollar bills.
• E) It increased the amount of silver in circulation by $5 million.

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Definitions:

Payroll Taxes

Taxes that are withheld from employees' wages by their employer and paid to the government, often including social security and medicare taxes.

Social Security Taxes

Taxes collected from employees and employers to fund the Social Security program, which provides benefits to retirees, disabled persons, and survivors of deceased workers.

Unfunded Pension Liability

The shortfall between the present value of the pension obligations to employees and the assets set aside to meet those obligations.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.