TEST BANK FOR THE U.S. BANKING SYSTEM 3RD EDITION CENTER FOR FINANCIAL TRAINING

TEST BANK FOR THE U.S. BANKING SYSTEM 3RD EDITION CENTER FOR FINANCIAL TRAINING 1. Money is a medium of exchange for people to use to trade things of value. a. True b. False ANSWER: True POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 2.1.1 - LO: 2.1.1 2. A check is an example of bank currency. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 2.1.1 - LO: 2.1.1 3. There was no form of paper currency in colonial America. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 2.1.1 - LO: 2.1.1 4. The first Bank of the United States was a government institution. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 2.2.1 - LO: 2.2.1 5. In the absence of a national banking system, state banks grew in number and influence in the early years of the United States. a. True b. False ANSWER: True POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 2.2.2 - LO: 2.2.2 6. The National Banking Act of 1864 spelled the end of state banking systems in the United States. a. True b. False ANSWER: False POINTS: 1 LEARNING OBJECTIVES: BNKG.CFFT.3.LO: 2.2.2 - LO: 2.2.2 7. The National Banking Act of 1864 founded an adaptable, flexible system of central banking for the United States. a. True b. False