The US Dollar Is an Example of Fiat Money Because

question 69

Multiple Choice

The U.S. dollar is an example of fiat money because

• A) it is the strongest currency in the world.
• B) it is the most widely used currency in international trade.
• C) it is backed by a large reserve of gold and silver.
• D) by law, it is decreed as money.

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Definitions:

Net Sales

The revenue from goods or services sold after deducting returns, allowances for damaged or missing goods, and discounts.

Average Total Assets

a metric calculated by dividing the sum of assets at the beginning and end of a period by two, used to measure a company's asset efficiency.

Plant Assets

Long-term tangible assets used in the production process of a business, including machinery, buildings, and equipment.

General Journal Entries

Accounting records that are used to document business transactions in the general ledger in chronological order.