Humans have used representative forms of money for a very long time. A representative sample is often chosen by a process of random sampling whereby a sufficiently large subset is chosen from a set at random for analysis. b. commodity money. Governments can issue the paper money in high denominations, such as $100, $1,000, and even $10,000 bills. Indeed, the American colonists’ cry of “No taxation without representation!” referred to the injustice of London imposing taxes on them without the benefit of a voice in Parliament. Representative money is just a piece of paper or a simple token that is easy to carry. In the 1990s, the Russian people lost confidence in the value of the ruble, and many were no longer willing to sell goods and services in exchange for Russian currency. What is an example of representative money? barter money. /questions/which-of-the-following-is-an-example-of-representative-money Definition and examples … A representative sample is a … You have to know how the beneficiary spends their money. C) fiat money. Top Answer. Our experts can answer your tough homework and study questions. Congress—and in particular, the House of Representatives—is invested with the “power of the purse,” the ability to tax and spend public money for the national government. [6], In 1934 economist William Howard Steiner wrote that the term was used "at one time to signify that a certain amount of bullion was stored in the Treasury while the equivalent paper in circulation" represented the bullion. Definition and examples market business news. Representative definition is - serving to represent. Other … Answer. This includes tracking other sources of money, if any, as well as current and future bills. A representative sample is often chosen by a process of random sampling whereby a sufficiently large subset is chosen from a set at random for analysis. Sometimes, the representative payee for a Social Security or SSI beneficiary receives a large payment covering several months, or even years, of benefits. Representative money represents a claim on a commodity. A representative sample is a subset of a group that accurately reflects the group for the purposes of analysis. . If you borrow £15,000 over 5 years at a Representative APR of 2.8% and an annual interest rate of 2.81% fixed you would pay: Monthly payment: £268.27 Total charge for credit: £1,096.20 Total amount you repay: £16,096.20. Additionally, most forms of barter cannot be broken down to buy things of lesser value, nor is it easily transportable. See the answer. A representative sample is a … [5], In 1895 economist Joseph Shield Nicholson wrote that credit expansion and contraction was in fact the expansion and contraction of representative money. Uploaded by: cchen32. 2. If we look at the Bretton Woods agreement before 1971, this is exactly what the US dollar did. For example, the old British Pound bill or Pound Sterling was once guaranteed to be redeemable for a pound of sterling silver. Which of the following is an example of representative money? O E. A and B only. Show transcribed image text. Chegg home. the y-value at an x-value of 0.c. Although the costs are lower in a representative democracy compared to a true democracy, there are still frequent votes which must take place. Which one do you believe had the most value? What does the y-intercept mean in terms of the graph? Moneygram Customer Care Representative, 02/2013 to 06/2013 Sitel – Managua, Nicaragua. For example, during the British period, one rupee coin was made of silver and its value as money was same as its value as a commodity. While fiat money is only backed by promises of governments, representing monies could be backed up by a wide variety of things. Find an answer to your question Provide one example for each of the following: commodity money, representative money, and fiat money. The U.S. dollar is an example of fiat money. Answer. Silver is an example of a ) representative money . ) Added 21 days ago|11/12/2020 6:30:51 AM. Examples of representative money are credit cards and checks. In the language of taxes, a personal representative is an individual responsible for handling the estate of someone who has died. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. Back to All Questions. How senators and representatives can help constituents the. Millions are spent on each election. fiat money . ) These also show the owner's willingness to pay. Skip Navigation. The term representative money has been used for different means. The fiat money has a stable value, unlike money which is based out of the commodity like gold, silver or copper, etc. Which of the following is an example of money as unit of account? provide for the common Defence and general Welfare of the United States.”—U.S. When this happens, it is particularly important for the representative payee to make plans to spend the money wisely. O c. representative money. This firm is known as the ARs 'principal'. Log in. Back to All Questions. Are credit cards near money or not money? How does Fiat Money work? as the currencies which are based out of the commodities are volatile due to regular business cycle and the periodic recessions. So this kind of letters is mostly used in the corporate environment where you need someone else to be present in an event in your absence. c. not change the quantity of reserves held by banks. Social security representative payee program training. How senators and representatives can help constituents the. . Which of the following is an example of representative money? If there is leftover money after that, it must be saved; a representative payee can never use a beneficiary’s funds for personal gain. As valid currency solely by virtue of a government declaration, fiat money is not backed by any commodity, such as gold, but only by the faith of the bearer.In this respect, unlike currencies backed by gold or silver, fiat money does not have any intrinsic value (e.g., paper money and much coinage). If there is a center country to which other... Money as a Medium of Exchange: Definition, Function & Examples, GACE Business Education (542): Practice & Study Guide, Introduction to Business: Homework Help Resource, IAAP CAP Exam Study Guide - Certified Administrative Professional, GED Social Studies: Civics & Government, US History, Economics, Geography & World, Financial Accounting: Homework Help Resource, Intro to Excel: Essential Training & Tutorials, MTTC Economics (007): Practice & Study Guide, NYSTCE Business and Marketing (063): Practice and Study Guide, DSST Organizational Behavior: Study Guide & Test Prep, Biological and Biomedical Ask your question. Things like checks and credit cards are examples of representative money as they represent or “stand for” some portion of another commodity. “The Congress shall have Power To . 0 1 2. Comments. Services, Fiat Money: Definition, History & Examples, Working Scholars® Bringing Tuition-Free College to the Community. Representative money is any medium of exchange, often printed on paper, that represents something of value, but has little or no value of its own (intrinsic value). commodity money . Join now. An authorization letter for representative is useful for authorizing someone to represent you on your behalf. Representative money definition is - paper money backed by an equal amount of gold or silver coin or bullion held by a government. O c. representative money. Back to Representative Money. D) commodity money. (1) Where a financial promotion indicates3 a rate of interest or an amount relating to the cost of credit whether expressed as a sum of money or a proportion of a specified amount, the financial promotion must also: (a) include a representative example in accordance with CONC 3.5.5 R, and (b) specify a postal address at which the person making the financial promotion may be contacted. (ii) Representative Full-bodied Money : It refers to money which is usually made of paper. Unlike some forms of fiat money (which may have no commodity backing), genuine representative money must have something of intrinsic value supporting the face value. A key feature of commodity money is that the value is directly perceived by its users, who recognize the utility or beauty of the tokens as goods in themselves. barter money. Representative money is any medium of exchange, often printed on paper, that represents something of value, but has little or no value of its own (intrinsic value). Log in or sign up first. 5. An IOU. OB. Representative Money Representative money is, unlike fiat money, government-produced money backed by a physical commodity such as precious metals. A) Salt B) A tract of land C) Gold D) A check Get the answers you need, now! Log in for more information. How should a representative payee spend large sums of money? Representative money has a backup. what is this line called? En español | A representative payee is a person or entity appointed by Social Security to manage benefit payments for someone unable to do so on their own — for example, a minor child, or a retiree suffering from advanced dementia. 32,783,806. questions answered. These could be gold and silver. Add an answer or comment. And in the language of taxes, a personal representative is useful for someone... Must spend the money wisely fifth contour line is darkened United States. —U.S! Text from this question accurately reflects an example of representative money group for the common Defence and Welfare. Actual beneficiary some portion of a currency that is made of debt generated by commercial banks what is example. Other queries, it is particularly important for the benefit of the 5 footer widget areas that... As claims against financial institutions that can be described as claims against financial that... 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