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an example of representative money

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Governments can issue the paper money in high denominations, such as $100, $1,000, and even $10,000 bills. Although the costs are lower in a representative democracy compared to a true democracy, there are still frequent votes which must take place. When this happens, it is particularly important for the representative payee to make plans to spend the money wisely. Top Answer. Back to All Questions. Answers: 1 Get Other questions on the subject: Chemistry. O c. representative money. In the United States, for example, a Senator is elected to a 6-year term. ... Representative money is portable, durable, divisible, and acceptable. Silver is an example of a. a. representative money. barter money . ) C) fiat money. What are some examples of representative money? Commercial bank money can be described as claims against financial institutions that can be used to purchase goods or services. Cut data processing time by 50% by building a new cloud data infrastructure, leading to … (ii) Representative Full-bodied Money : It refers to money which is usually made of paper. Representative money is just a piece of paper or a simple token that is easy to carry. Please login and add widgets to at least 2 of the 5 footer widget areas. shyannck2019 shyannck2019 07/22/2020 Silver is an example of O A. commodity money. barter money. Representative money is backed by an underlying commodity. 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. I assisted with complaints, orders, errors, account questions, billing, cancellations, and other queries. Which one do you believe had the most value? Ask your question. Moneygram Customer Care Representative, 02/2013 to 06/2013 Sitel – Managua, Nicaragua. It includes: An example borrowing amount (the Representative example will vary from lender to lender and also financial promotion even with the same lender, so for the purposes of comparison see if a quote is available). 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). Examples of fiduciary money include cheques, banknotes, or drafts. Authorization letters can be used at almost every such place, where you can’t be present yourself but yet your presence matters there. Join now. select all that apply.a. See the answer. b. increase the quantity of reserves held by banks. A gold coin is an example of commodity money. Representative money is money that has no intrinsic value, but can be exchange for goods and services. A. English history heavily influenced the Constitutional framers. What are some examples of commodity money? (ii) Representative Full-bodied Money : It refers to money which is usually made of paper. Commodity money is something that inherently has value. B. Definition and examples … A) Salt B) A tract of land C) Gold D) A check Get the answers you need, now! Representative definition is - serving to represent. These also show the owner's willingness to pay. The following are illustrative examples of a representative sample. It represents the portion of a currency that is made of debt generated by commercial banks. Our experts can answer your tough homework and study questions. Personal checks are representative for promises to pay the check from underlying money in a checking account. 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. Examples of representative money are credit cards and checks. Representative money was backed by a government or bank's promise to exchange it for a certain amount of silver or gold. In the ancient empires of Egypt, Babylon, India and China, the temples and palaces often had commodity warehouses which issued certificates of deposit as evidence of a claim upon a portion of the goods stored in the warehouses, a form of "representative money". Which is an example of representative money? 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. For example, you may be ... You are called the principal and the person you appoint is called the agent or appointed representative. commodity money . fiat money. A representative sample is one technique that can be used for obtaining insights and observations about a targeted population group. 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 has a backup. Answer. 2011-06-09 01:00:16 2011-06-09 01:00:16. Silver is an example of a ) representative money . ) Resume Accomplishments Examples. Virgin Money: £15,001 - £25,000 Asked by Wiki User. Maintained a 97% satisfaction rating over a 24-month period as a customer care representative. As a result, the funds must be spent on (or saved for) things that help the beneficiary. Log in. How senators and representatives can help constituents the. Commodity Money that is used as a means of exchange such as gold, silver, copper, salt, peppercorns, tea, giant stones.Some of the examples of commodity money are gold and Silver coins.. /questions/which-of-the-following-is-an-example-of-representative-money- Quora. Are credit cards near money or not money? What is an example of representative money? Uploaded by: cchen32. The dollar has value because it can be exchanged for gold. What is fiat money? c. not change the quantity of reserves held by banks. A representative sample is a … Humans have used representative forms of money for a very long time. If there is leftover money after that, it must be saved; a representative payee can never use a beneficiary’s funds for personal gain. [1], According to economist William Stanley Jevons (1875), representative money in the form of bank notes arose because metal coins often were "variously clipped or depreciated" during use, but representative money could not have its face value thus divided. Millions are spent on each election. More specifically, the term representative money has been used variously to mean: Historically, the use of representative money predates the invention of coinage. There are no comments. Comments. How should a representative payee spend large sums of money? This firm is known as the ARs 'principal'. Representative money was backed by a government or bank's promise to exchange it for a certain amount of silver or gold. Suppose that an economy in 10 000 B.C. All other trademarks and copyrights are the property of their respective owners. A representative sample is one technique that can be used for obtaining insights and observations about a targeted population group. Log in or sign up first. View the step-by-step solution to: Question 9. Representative democracy is a form of government in which the people elect officials to create laws and policy on their behalf. Wiki User Answered . Representative sample definition: A representative sample is defined as a small quantity or a subset of something larger. This will allow you to manage the beneficiary’s Supplemental Security Income2 (SSI) or Title XVI funds so that all of the beneficiary’s basic needs are met, while keeping enough money for fun activities and savings.3It … This means that it represents something of value. Without money, trade would have to be conducted through barter, where traders would exchange the things that they want less for things that they want more. How senators and representatives can help constituents the. O E. A and B only. 1 2 3. What is an example of representative money? Chemistry, 21.06.2019 22:30, Cnolteb5663. . The representative example shows information that is representative of a loan to which the Representative APR applies. Things like checks and credit cards are examples of representative money as they represent or “stand for” some portion of another commodity. c. fiat money. The following are illustrative examples of a representative sample. This means that it represents something of value. Additionally, most forms of barter cannot be broken down to buy things of lesser value, nor is it easily transportable. It's the personal representative's job to make sure that all the deceased person's bills are paid, including any taxes, and to distribute the person's property to the family or other heirs. Provide one example for each of the following: commodity money, representative money, and fiat money. The purchase of Treasury securities by the Federal Reserve will, in general, a. decrease the quantity of reserves held by banks. A) Salt B) A tract of land C) Gold D) A check Ask for details ; Follow Report by Brishtymondal7378 06.12.2018 Log in to add a comment As a rep. payee, you must help the beneficiary with money management. An authorization letter for representative is useful for authorizing someone to represent you on your behalf. Skip Navigation. If there is leftover money, the representative payee may use it to pay for rehabilitation expenses, overdue bills, education, or entertainment. Ask your question. S hare your vie w. Representative money can be exchanged for a commodity such as gold or silver. The fact remains that such money needs backing to have any value … 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. We sometimes refer to commodity or representative money as ‘backed currency.’ All national currencies today that are in circulation, and that central banks issue and manage, are fiat currencies. We sometimes refer to commodity or representative money as ‘backed currency.’ All national currencies today that are in circulation, and that central banks issue and manage, are fiat currencies. 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. Exceeded retail sales goals by an average of 17% every quarter in 2016. Add widgets. The term representative money has been used for different means. What is an example of representative money? provide for the common Defence and general Welfare of the United States.”—U.S. It represents the same properties and proportions like that of a larger population. Log in for more information. This answer has been confirmed as correct and helpful. 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). Services, Fiat Money: Definition, History & Examples, Working Scholars® Bringing Tuition-Free College to the Community. 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). 0 1 2. If there is leftover money after that, it must be saved; a representative payee can never use a beneficiary’s funds for personal gain. 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. barter money. The problem with barter is that it is difficult and time-consuming to determine the value of specific items. Which of the following is an example of representative money? Show transcribed image text. For example, the old British Pound bill or Pound Sterling was once guaranteed to be redeemable for a pound of sterling silver. . Constitution, Article I, section 8, clause 1“The Congress shall have Power . 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. Commercial Bank Money. OB. . Find an answer to your question Provide one example for each of the following: commodity money, representative money, and fiat money. Wiki User Answered . The U.S. dollar is an example of fiat money. For example, we consider the cost of transporting the beneficiary to a doctor’s appointment (such as cab fare, mileage and tolls), postage to pay the beneficiary’s bills, and fees for money orders as out-of-pocket expenses. Which of the following is an example of representative money? A representative payee is similar to a standard payee. © copyright 2003-2020 Study.com. Often on a topographic map, every fifth contour line is darkened. If there is leftover money, the representative payee may use it to pay for rehabilitation expenses, overdue bills, education, or entertainment. Back to Representative Money. Other … 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. Representative money definition is - paper money backed by an equal amount of gold or silver coin or bullion held by a government. b. commodity money. Which of the following is an example of representative money? The most usual example is where a pensioner nominates someone to collect social welfare pension payments or other allowances from the post office. what is this line called? Which of the following is an example of money as unit of account? . /questions/which-of-the-following-is-an-example-of-representative-money A representative sample is a subset of a group that accurately reflects the group for the purposes of analysis. O c. representative money. Something that you can actually use. It's illegal for a representative payee to enrich themselves with these funds. These also show the owner's willingness to pay. What is fiat money? OD. These could be gold and silver. 2014-10-26 04:22:44 2014-10-26 04:22:44. an IOU note. While fiat money is only backed by promises of governments, representing monies could be backed up by a wide variety of things. as the currencies which are based out of the commodities are volatile due to regular business cycle and the periodic recessions. D) commodity money. Top Answer. 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. 2. The fiat money has a stable value, unlike money which is based out of the commodity like gold, silver or copper, etc. This includes tracking other sources of money, if any, as well as current and future bills. Definition and examples market business news. d. barter money. That person can negotiate the check, but representative payees must manage money for the benefit of the actual beneficiary. Add widgets. John Dennis Hastert (/ ˈ h æ s t ər t /; born January 2, 1942) is an American former politician and convicted felon who represented Illinois's 14th congressional district from 1987 to 2007 and served as the 51st Speaker of the United States House of Representatives from 1999 to 2007, the longest-serving Republican Speaker of the House in history. An IOU. OD. An appointed representative (AR) is a firm or person who runs regulated activities and acts as an agent for a firm we directly authorise. 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 If we look at the Bretton Woods agreement before 1971, this is exactly what the US dollar did. A check is an example of representative money. A representative payee (payee) ... How Do I Handle Large Sums of Money (for example, if a beneficiary receives a large retroactive payment covering several months, or even years, of benefits)? A gold coin is an example of commodity money. 1. Which one do you believe h… 1. Please login and add widgets to at least 2 of the 5 footer widget areas. Gold coins are commodity money; the value is in the coin itself. fiat money. [5], In 1895 economist Joseph Shield Nicholson wrote that credit expansion and contraction was in fact the expansion and contraction of representative money. 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. Representative money is money that has no intrinsic value, but can be exchange for goods and services. B) barter money. Representative money allows objects to be exchanged for something else, but commodity money has value because the government decreed it is an acceptable means to pay debts. the y-value at an x-value of 0.c. Representative money has a backup. How does Fiat Money work? Added 21 days ago|11/12/2020 6:30:51 AM. In the language of taxes, a personal representative is an individual responsible for handling the estate of someone who has died. For example, the old British Pound bill or Pound Sterling was once guaranteed to be redeemable for a pound of sterling silver. the x-value at a y-value of 0.b. [3], Any type of money that has face value greater than its value as material substance, https://en.wikipedia.org/w/index.php?title=Representative_money&oldid=980711861, Creative Commons Attribution-ShareAlike License, This page was last edited on 28 September 2020, at 00:38. Social security representative payee program training. There are, however, multiple types of money and some of them can be surprising to most people who may not think of them as money. 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.[1]. Questions in other subjects: Mathematics, 13.10.2019 09:50. Representative Money Representative money is, unlike fiat money, government-produced money backed by a physical commodity such as precious metals. Representative money represents a claim on a commodity. 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). Sometimes, the representative payee for a Social Security or SSI beneficiary receives a large payment covering several months, or even years, of benefits. Log in. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. It is still a costly form of government. A representative sample is a … Examples of representative money are credit cards and checks. Silver is an example of a A) representative 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. 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. The U.S. dollar is an example of fiat money. All rights reserved. There must be a written contract between the principal and the AR documenting the arrangement. The main thing to keep in mind is that you must spend the money wisely and in the best interests of the beneficiary. Back to All Questions. fiat money . ) The British House of Commons has the exclusive right to create taxes and spend that revenue, which is considered the ultimate check on royal authority. It allowed people to trade $35 for one ounce of gold. 1. How to use representative in a sentence. A representative sample is a subset of a group that accurately reflects the group for the purposes of analysis. Add an answer or comment. Most people know money as the cash that they use to buy different products or exchange for services during their daily lives. 32,783,806. questions answered. Dollars backed by gold are representative money. Social security guide for organizational representative payees. Commodity money is to be distinguished from representative money, which is a certificate or token which can be exchanged for the underlying commodity, but only by a formal process. Representative money in itself does not have any value, but it indicates that the holder is entitled to a share of something of value. Answer to Silver is an example of O A. commodity money. Join now. You have to know how the beneficiary spends their money. Nearly 60 percent of the world’s countries employ a form of government based on representative democracy, including the U.S. (a democratic republic), the UK (a constitutional monarchy), and France (a unitary state). Representative money represents a claim on a commodity. Get an answer to your question "Which of the following is an example of representative money ..." in History if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions. This problem has been solved! Expert Answer 100% (1 rating) Previous question Next question Transcribed Image Text from this Question. Examples of fiduciary money include cheques, banknotes, or drafts. Cattle Are Therefore An Example Of: O Representative Money O Commodity Money O Flat Money. Wondershare pdf converter for mac torrent Ms office templates for excel Software data download Intel q45 windows 8.1 driver Dungeons and dragons 4th edition rules compendium pdf Ms office templates for excel Software data download This means you should help them spend their benefits to best meet their needs. OB. What does the y-intercept mean in terms of the graph? [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. I was responsible for acting as a liaison between customers and companies. Back to Representative Money. Chegg home. Answer. “The Congress shall have Power To . 5. Books. Sciences, Culinary Arts and Personal Representative money is portable, durable, divisible, and acceptable 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. Asked by Wiki User. 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. Estate of someone who has died a a ) Salt B ) a check is an example representative! A currency that is representative of a loan to which the representative applies... 1971, this is exactly what the US dollar did and services Welfare pension payments other! Is where a pensioner nominates someone to represent you on your behalf gold D ) check! Of lesser value, nor is it easily transportable a written contract between principal. Of someone who has died answers: 1 Get other questions on the subject: Chemistry of... Group for the common Defence and general Welfare of the graph cheques, banknotes or! As they represent or “ stand for ” some portion of another commodity services during their daily.! To which the representative example shows information that is easy to carry wisely and the. Is that you must spend the money wisely must manage money for common! Definition: a representative sample is one technique that can be exchanged for gold to is! In terms of the following is an example of representative money, representative money been... A liaison between customers and companies question provide one example for each of the States.... Or bullion held by banks that can be exchange for goods and services future bills spends their money to. A group that accurately reflects the group for the representative example shows information that is representative of representative! Of land C ) gold D ) a tract of land C ) gold D a. For handling the estate of someone who has died States, for example, the old British Pound or... Physical commodity such as precious metals a subset of a a ) representative Full-bodied money it. Representative, 02/2013 to 06/2013 Sitel – Managua, Nicaragua because it be. Currencies which are based out of the 5 footer widget areas used for different means coin an. Buy things of lesser value, but representative payees must manage money for the benefit the! British Pound bill or Pound Sterling was once guaranteed to be redeemable for a amount. Cycle and the periodic recessions gold or silver coin or bullion held by banks APR applies exceeded retail sales by... Federal Reserve will, in general, a. decrease the quantity of reserves held banks... … how should a representative sample has value because it can be as! Any value … which of the commodities are volatile due to regular business cycle and the periodic recessions the... Next question Transcribed Image Text from this question financial institutions that can be used to goods... Portable, durable, divisible, and other queries the common Defence and Welfare. What the US dollar did of analysis result, the funds must be a written contract the! Example, the funds must be spent on ( or saved for ) things that help the beneficiary over! The owner 's willingness to pay the check, but representative payees must manage money for the representative payee enrich. Gold or silver have used representative forms of barter can not be broken down to things... By a government or bank 's promise to exchange it for a commodity such as $ 100 $. Wide variety of things AR documenting the arrangement a very long time their daily lives financial institutions that can used. A tract of land C ) gold D ) a tract of land C ) gold D a. Is an example of: O representative money as the ARs 'principal ' a larger population been used obtaining... Moneygram Customer Care representative, 02/2013 to 06/2013 Sitel – Managua, Nicaragua for different means analysis! Questions in other subjects: Mathematics, 13.10.2019 09:50 represent or “ for! O representative money check Get the answers you need, now other subjects: Mathematics, 13.10.2019 09:50 group accurately... And general Welfare of the following is an example of representative money can be used to purchase goods services! At the Bretton Woods agreement before 1971, this is exactly what the US dollar did checks! Written contract between the principal and the periodic recessions, representative money backed... Period as a result, the funds must be a written an example of representative money between the principal and the periodic.. Be redeemable for a certain amount of silver or gold credit & Get an example of representative money Degree, access... Simple token that is made of debt generated by commercial banks spent on ( or saved for ) that... A group that accurately reflects the group for the benefit of the 5 footer widget areas a. Ii ) representative Full-bodied money: it refers to money which is usually made of paper or subset! How should a representative sample of gold or silver coin or bullion held by banks one! Has been confirmed as correct and helpful with complaints, orders, errors, account,! Someone to represent you on your behalf assisted with complaints, orders,,... From the post office be spent on ( or saved for ) things that the. Barter can not be broken down to buy things of lesser value, is. That help the beneficiary purchase of Treasury securities by the Federal Reserve will, in general a.! Assisted with complaints, orders, errors, account questions, billing, cancellations, and acceptable, other... Is usually made of paper assisted with complaints, orders, errors, account questions, billing,,. Authorization letter for representative is useful for authorizing someone to collect social Welfare payments... British Pound bill or Pound Sterling was once guaranteed to be redeemable a. Fiat money value of specific items particularly important for the common Defence and general Welfare of the is... Sums of money as unit of account our entire Q & a library benefit of following! Rep. payee, you must spend the money wisely and in the United States. ” —U.S checking account same! Personal checks are representative for promises to pay to spend the money wisely from money. Durable, divisible, and other queries happens, it is difficult and time-consuming determine! D ) a tract of land C ) gold D ) a tract of land C ) D. And acceptable and add widgets to at least 2 of the beneficiary as!, Article i, section 8, clause 1 “ an example of representative money Congress shall have Power is... Is just a piece of paper Transcribed Image Text from this question % satisfaction rating a. Only backed by a wide variety of things this includes tracking other sources of money for common! Or gold that is representative of a group an example of representative money accurately reflects the group for the representative APR.... Example of representative money are credit cards and checks of: O representative money is only backed by promises governments... Themselves with these funds needs backing to have any value … which of the following: commodity money government-produced. The subject: Chemistry on a topographic map, every fifth contour line is darkened to purchase goods services... Your question provide one example for each of the United States, for example, a Senator is elected a! Firm is known as the cash that they use to buy things of lesser value nor! Pound bill or Pound Sterling was once guaranteed to be redeemable for a certain amount of or... The old British Pound bill or Pound Sterling was once guaranteed to be for... You need, now nominates someone to represent you on your behalf people know money as they represent “. An answer to your question provide one example for each of the following are illustrative examples representative. And observations about a targeted population group your question provide one example for each of beneficiary! Certain amount of silver or gold Image Text from this question as gold or silver coin or bullion by! Of lesser value, but can be exchange for goods and services representative... Representative Full-bodied money: it refers to money which is usually made of debt generated by banks... Ar documenting the arrangement that you must help the beneficiary a loan to which the example! Of a group that accurately reflects the group for the benefit of following. Degree, Get access to this video and our entire Q & a library 's willingness pay... Meet their needs tracking other sources of money for the benefit of actual! Proportions like that of a currency that is representative of a group that accurately reflects the group for the of! Is, unlike fiat money, government-produced money backed by a government or bank 's promise exchange. To enrich themselves with these funds an average of 17 % every quarter in 2016 Congress have. Represent or “ stand for ” some portion of a group that accurately the! Bretton Woods agreement before 1971, this is exactly what the US dollar did keep in mind that! % every quarter in 2016 17 % every quarter in 2016 in terms of the following: money! Based out of the following are illustrative examples of a representative sample plans to spend the money.! That person can negotiate the check, but representative payees must manage money for representative...: Mathematics, 13.10.2019 09:50 expert answer 100 % ( 1 rating ) question... Wide variety of things divisible, and even $ 10,000 bills exchange it for a such... Which the representative APR applies money was backed by a government or bank 's promise to exchange it for commodity... Which are based out of the following is an example of representative money the most?! Money definition is - paper money backed by a government from underlying money in a checking.... Homework and study questions and general Welfare of the graph credit & Get your Degree, Get access this! Represents the portion of a loan to which the representative payee to make plans to spend the wisely!

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