Which of the Following Statements Is Not Correct About the U.S.monetary

question 54

Multiple Choice

Which of the following statements is not correct about the U.S.monetary system?

• A)The federal government did not print paper money until the Civil War.
• B)Between 1789 and 1865,paper money was issued by hundreds of state-chartered banks.
• C)Credit cards are the most common form of money today.
• D)Early in U.S.history,the money supply consisted of items such as tobacco and bullets.

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Definitions:

Book Value

The net value of a company's assets expressed on its balance sheet, equal to its total assets minus liabilities, preferred stock, and intangible assets.

Retained Earnings

The portion of net income that is retained by a company rather than distributed to its shareholders as dividends.

Capital Stock

The original amount the owners paid into the company plus any additional paid-in capital to purchase stock in the company.