1.In a short paragraph, define money. Discuss two characteristics of the money used in the US today. Explain what would happen if commodity money like corn or cotton was used in the US today instead of out currency.

2.List three types of modern banks in the US. Discuss one way that modern banks offer electronic banking to their customers. Explain whether you think electronic banking is a good thing or a bad thing.

3.In a short paragraph, define the Federal Reserve. What is one service the Fed offers to banks or the Federal Government? What would happen if modern banks were not offered the services that the Fed gives them today?