1) In Colonial Virginia, banks were on every corner and money was easy to find. a) True b) False 2) Bartering a) a system of trading or exchanging of goods and services without the use of money b) when a person buys something and promises to pay for it at a later time c) when you owe more money than you have d) money set aside to spend at a later time e) coins and bills, physical money 3) Credit a) a system of trading or exchanging of goods and services without the use of money b) when a person buys something and promises to pay for it at a later time c) when you owe more money than you have d) money set aside to spend at a later time e) coins and bills, physical money 4) Debt a) a system of trading or exchanging of goods and services without the use of money b) when a person buys something and promises to pay for it at a later time c) when you owe more money than you have d) money set aside to spend at a later time e) coins and bills, physical money 5) Savings a) a system of trading or exchanging of goods and services without the use of money b) when a person buys something and promises to pay for it at a later time c) when you owe more money than you have d) money set aside to spend at a later time e) coins and bills, physical money 6) Currency a) a system of trading or exchanging of goods and services without the use of money b) when a person buys something and promises to pay for it at a later time c) when you owe more money than you have d) money set aside to spend at a later time e) coins and bills, physical money 7) This is something you might do now especially if you do chores around your house, or if you want money to buy something special a) barter b) credit c) debt d) save money e) currency 8) Farmer would be in _____ until their crops could be harvested and they were able to pay of the credit they used a) barter b) credit c) debt d) save money e) currency 9) Farmer would use ______ and promise to pay for their purchases at a later time to buy what they needed. a) barter b) credit c) debt d) save money e) currency 10) If a colonist needed milk they could trade eggs with a neighboring farmer. a) barter b) credit c) debt d) save money e) currency 11) Tobacco was known as a cash crop because it was used instead of money to buy things. a) True b) False

Colonial Economics

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