OCR GCSE Economics - 2.8 - Role of Money & Financial Markets

What is the purpose of credit cards?

• To let you buy goods whether you have the money or not

• To only let you buy goods/services if you have the money

• To give you discounts on goods/services

• To allow you to borrow money from the bank

The purpose of debit cards is?

• To allow you to buy goods with only the money in your account

• To allow you to buy goods with the banks money

• To let you buy things online

• To buy goods and services

Anything that sets the standard of value of goods and services acceptable to all parties involved in a transaction is called?

• The medium of economy

• The medium of change

• The medium of exchange

• Money

Which of the following is the central bank in the UK?

• Barclays

• The Bank of Scotland

• The Bank of England

• HSBC

Which one of the following is responsible for issuing bank notes?

• Building societies

• Central bank

• Commercial bank

• Insurance companies

Which of the following is responsible for guaranteeing compensation for a specific loss or damage?

• Building societies

• Central bank

• Commercial bank

• Insurance companies

Which one of the following has members rather than customers?

• Building societies

• Central bank

• Commercial bank

• Insurance companies

Lower interest rates encourage...

• Savers to save more

• Borrowers to borrow more

Higher interest rates encourage...

• Savers to save more

• Borrowers to borrow more

High interest rates encourage businesses to invest more...

• True

• False