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US Constitution

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Dewitt Abbott

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Cards in this guide (20)
What is the Gold Standard

The basing of a currency on gold. In some sense in such a system, gold IS the currency and money is a symbol for a corresponding amount of gold, backed by the issuer - i.e. the bank promises that by some means you are always able to exchange X of its currency for Y gold, and vice versa.

No country still uses the gold standard - modern currencies are free floating with their value determined by local markets and exchange rates with other currencies.

Even so, national governments still usually carry large gold reserves as a holdover from the time when they needed them as a physical guarantee. Gold has remained valuable over thousands of years so it can always be sold as needed for any currency (including its own) that a country might need, or bought to safely store wealth.

A currency system in which each dollar is worth 1/20 of an ounce of gold (gradpoint)

What is a stock portfolio

A stock portfolio is all the stocks that you own. I would venture to say that if you had one stock in any company, you would have one stock in your portfolio. If you had 5 different stocks, you would have a total of 5 stocks in your portfolio.

What did the US Supreme Court rule in Furman v Georgia

In Furman vs. Georgia the court ruled that all existing death penalty laws violated the constitution.

What is the largest portion of the federal revenue

The largest portion of the federal revenue comes from individual income taxes. In 2008, individual income taxes made up 45 percent of the federal revenue. In 2008, individual income taxes totalled $2.5 trillion.

For more information, go to the Urban Institute and Brookings Institution Tax Policy Center website, www.taxpolicycenter.org/briefing-book/background/numbers/revenue/cfm, to view 'The Numbers: What are the federal government's sources of revenue?'

The largest source of federal revenue from taxes come from

Individual income taxes account for the federal government's largest source of tax revenue. The other two main sources are payroll taxes and corporate income taxes.

What is the plural possessive of defendant

The plural of defendant is defendants. The plural possessive of defendants is defendants'

What bank did Hamilton support

First bank of the united states. He was the first Secretary of the Treasury.

Money borrowed that must be paid back

A loan.

What are objects called that have value in and of themselves as well as value as a means of exchange

commodity money

What is the purpose of social security taxes

Old age survivors and disability insurance (oasdi) social security benefits and medicare insurance .

What can someone use to pay with money from his bank account

A check, a debit card, or an automatic (electronic) payment authorization.

What is money that has value because the government has established it as acceptable for payment of debts

representive money.

Will 1 percent be put on all bank deposits and withdrawals

Not at any bank I'd bank at it won't.

What are principal and interest on a loan

Principal is the amount you borrowed and interest is the money you give them as a 'gift' for letting you loan their money.

Which form of currency is the most durable portable

rice

What is the price paid for the use of borrowed money

It is interest

What is the simple interest of a loan for 1000 with 5 percent interest after 3 years

$150. 5% interest per $1000 is $50 per year. You had the loan 3 years- $50 x 3.

When was National Association for the Advancement of Colored People created

National Association for the Advancement of Colored People was created in 1909.

Objects that have value in themselves and that are also used as money is the definition for

Objects that have value in themselves and are also used as money are referred to as commodity money.

May suspend a writ of habeas corpus in a time of war

Congress and the President

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