BARTER AND MONEY

If a business wants to pay the wages of each of its employees electronically it will use a

• standing order

• direct deposit

• electronic funds transfer

• bank draft

If a bank customer wants to pay a regular fixed amount to a trader it would use a

• standing order

• direct debit

• credit transfer

• fixed payment

One bank service which allows customers to instruct their bank to meet requests for payment from a named creditor is

• direct debit

• credit payment

• standing order

• m-money

Which of the following is not directly related to EFT?

• debit card

• credit card

• cheqe issued

• standing order

Which of the following involves using a PIN?

• debit card

• cheque

• standing order

• bill of exchange

All are characteristics of money except

• durable

• divisible

• medium of exchange

• scarce

Which of the following is not a disadvantage of the barter system?

• Double coincidence of want

• Exchange rate

• Disposal of surplus

• Storage of wealth

The barter system allowed early people to live in a

• mixed economy

• planned economy

• subsistence economy

• command economy

E-commerce refers to

• buying and selling online

• ability to transfer funds from one account to another

• payment of bills

• the exchange of goods and services without the use of money

Which of the following enables the exporter to obtain payment before the documents of ownership is released by the importer?

• Bill of exchange

• Documentary credit

• Standing order

• Bank drafts