Under Which Exchange Rate System Was a Dollar Redeemable for Gold

question 250

Multiple Choice

Under which exchange rate system was a dollar redeemable for gold only if the dollar was presented by a foreign central bank?

• A)the gold standard
• B)a managed float exchange rate system
• C)the Bretton Woods System
• D)a fiat system

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Definitions:

Dishonor Of Note Receivable

Occurs when a promissory note's maker fails to make the scheduled payment to the note's holder when due.

Accounts Receivable

Amounts of money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Allowance For Doubtful Accounts

A contra-asset account used to estimate the portion of accounts receivable that is expected not to be collectible due to credit sales.

IFRS

International Financial Reporting Standards, a set of global accounting standards for financial reporting.