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Fiat Money: Definition, History & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which one of the following is the best explanation of fiat money?

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1. How far back can we trace the use of fiat money?

2. Which of the following is important for the effectiveness of fiat currency?

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About This Quiz & Worksheet

The quiz and worksheet allow you to quiz yourself on fiat money's former and current role in the world. Quiz questions include factors that lead to effective fiat money, what year the United States adopted fiat currency and what the term means in latin.

Quiz & Workshop Goals

The goals of these assessments include the following:

  • Define fiat money
  • The earliest known uses of fiat money
  • Understand what makes fiat money effective
  • Abandonment of the gold standard
  • Explain what fiat means in latin

Skill Practice

Students can practice the following comprehension skills

  • Reading comprehension - ensure that you draw the most important information from the lesson about the value of fiat money
  • Information recall - access the knowledge you've gained regarding the history of fiat money
  • Knowledge application - use your knowledge to answer questions about fiat money

Additional Learning

To learn more about fiat money, check out the accompanying lesson called Fiat Money: Definition, History & Examples. This lesson contains these objectives:

  • Explain what the government does to make fiat money valuable
  • Explain what happens when there is to much money circulating
  • Identify examples of fiat money
  • Define pegging
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