Currency and Checkable Deposits Are

question 120

Multiple Choice

Currency and checkable deposits are:

• A) Assets of the Federal Reserve Banks or of financial institutions
• B) Redeemable for gold and silver from the Federal Reserve System
• C) Of intrinsic value which determines the relative worth of money
• D) The major components of money supply M1

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Definitions:

Arabic Numerals

A widely used numerical system that includes the digits 0 through 9, originated in India and later adopted by the Arab world.

Equivalent Fractions

Fractions that represent the same portion of a whole, even though they have different numerators and denominators.

Italicized Phrase

A portion of text that is slanted to the right to provide emphasis or distinction, commonly used for titles, foreign words, or terms being defined.

Lowest Terms

The simplest form of a fraction where the numerator and denominator are as small as possible.