1. Explain the functions of money.
 2. Discuss what "backs" the money supply, making us willing to accept it as payment.
 3. Recall the makeup of the Federal Reserve and its relationship to banks and thrifts.
 4. Recall the functions and responsibilities of the Federal Reserve.
 5. Recall the main factors that contributed to the financial crisis of 2007-2008.
 6. Recall the actions of the U.S. Treasury and the Federal Reserve that helped keep the banking and financial crisis of 2007-2008 from worsening. Recall the main subsets of the financial services industry in the United States and provide examples of some firms in each category.

Answer rating: 100% (QA)

Money and Financial System 1 Functions of Money Medium of exchange Enables buying and selling goods and services without bartering Unit of account Pro... View the full answer