Test I. IDENTIFICATION: (15 points) 1. Any item or commodity that is generally accepted as a means of payment for goods and services. 2. It is the direct exchange of goods. 3. They are responsible for determining the supply of money. 4. It allows individuals to evaluate the present value of future income and costs. 5. Refers to a good used as money that has value independent of its use as money. 6. Refers to money, such as paper currency that has no value apart from its use as money. 7. A type of card that can be used like checks. 8. Refers to cash balances kept on hand at various locations to pay for minor expenditures such as postage and other small out-of- pocket expenditures. 9. Represent amounts on deposit in checking, savings and time deposit accounts respectively. 10. Checks payable to the enterprise or bearer but not yet presented to the bank for payment. 11. Financial instruments similar to banks drafts but are drawn generally from authorized post offices or other financial institutions. 12. Commitments by banking institutions to advance funds on demand by the party to whom the draft was directed. 13. Any contract that evidence a residual interest in the assets of an entity after Deducting all of its liabilities. 14. Financial instruments that derive their value on contractually required cash flows from some other security or index. 15. An agreement between seller and a buyer that requires that seller to deliver A particular commodity..