The Major Contribution of Goldsmiths to the Development of Modern

question 89

Multiple Choice

The major contribution of goldsmiths to the development of modern banking was

• A)local banking.
• B)market banking.
• C)fractional reserve banking.
• D)gold standard banking.

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Definitions:

Legal Tender

The coins or banknotes that must be accepted if offered in payment of a debt.

Debit Cards

Plastic cards issued by banks that allow cardholders to transfer money electronically from their bank account when making a purchase.

Grace Period

A set period of time after the due date during which payment can be made without penalty.

M2

A money aggregate consisting of M1 plus savings deposits, small-denomination time deposits, money market mutual funds, and other miscellaneous near-monies.