Chapter 5 - Money & Banking

Today, most coins are made with some combination of _____, ________ and ______.

• Copper

• Silver

• Zinc

• Nickel

Cryptocurrency is a _________ currency.

• digital

• Physical

Yes/No

Is paper money a medium of exchange?

(a)  

Paper Money was first developed in __________.

• China

• India

• Morocco

• USA

Full form of ATM is _____________________.

• Automated Time Money

• Automated Tell Money

• Automated Teller Machine

• Automated Time Machine

Barter System requires a medium of exchange.

(True/False)

(a)  

In the past, coins were sometimes made from valuable metals such as ______ and _______.

• Gold

• Zinc

• Silver

• Diamond

A saving account in a bank represents the function of money:

• Store of value

• A medium of exchange

• A standard for deferred payments

• A measure of value

Choose the most accurate definition of "money".

• Money is anything generally accepted in payment for goods or services or in the repayment of debts.

• Money is anything recognized in trading and transaction for goods.

• Money is legal currency that is released by banks to satisfy the financial needs of the people.

A medium of exchange is_______

• something that is generally acceptable in exchange for goods and services

• a legally recognized asset that is generally accepted in exchange for goods and services.

• something that circulates and provides a standardized means of evaluating the relative price of goods and services.

• The ability of money to command purchasing power in the future