Two Kinds of Representative Money: ADVERTISEMENTS: A. A representative payee must use your payments for your support and care only. uniformity. He sent a letter to Gov. Instead, challengers likely chose to not invest much money because they already knew they would lose. Your payee should But it seems the American dollar is not a paper representation of the "money in the vault" no one goes to cash in their money in America. Keep in mind, your obligation is that you use the money in the best interests of the beneficiary. Wolf asking why Congress steered over $300 million to Pennsylvania in April for COVID-response, while the state has only spent $2.5 million of … That’s why politicians spend so much of their time not just trying to woo voters, but also raising money. (C) Colonists preferred to use bills issued by the Massachusetts Bay Colony. representative money can be converted into silver or gold; fiat money cannot. When this happens, it is particularly important for the representative payee to make plans to spend the money wisely. why Social Security has selected a representative payee to help you manage your money and how that affects you. (B) The government had no power to collect taxes. Two units of the same type of money must be the same in terms of what they will buy, which is the principle of. Why did American colonists have trouble redeeming Continentals, representative money backed by the Second Continental Congress? We try to select someone who knows you and wants to help you. The difference between representative money and fiat money is that. Its value comes from being declared "legal tender"-an acceptable … Money takes various forms, such as coins, banknotes and the money that is held in savings and checking accounts. Representative money led to the use of fiat money-the type used in modern economies today. Fiat money is money that does not have intrinsic value and does not represent an asset in a vault somewhere. A risk because David Jolly has pledged to stop personally asking donors for money. So I don't understand how currency works and why we can't just print more money since it really isn't representative of anything of value. Although there could be other reasons, we usually decide you need a payee because we have information that indicates you need help in managing your money. Your representative payee may use the money to pay bills, buy food and clothing, save for your future, pay for your entertainment, or in any other manner that is in your best interest and for your benefit. Please explain, as I cant find a good answer anywhere online. Convertible Paper Money: It refers to the currency notes which are freely convertible into full-bodied money (gold or silver) at any time at the option of the holder. Small donors are not yet giving enough to counter big money. 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