G5-G6 FL-5

1. Trading something for something else - no currency involved

• Goods

• Barter

• Demand

• Supply

2. Money is a medium of _______.

•    Communication

•  Information

• Heat

•      Exchange

3. For Rs. 106, select notes and coins that will be used.

•  Rs. 100 Note

•  Rs. 10 note

•  Rs. 5 coin

• Rs. 1 coin

4. Smith has Rs. 100 with him. Out of that, he purchased an ice-cream priced at Rs. 18 and some fruits for Rs. 27.  Smith also spent Rs.10 for buying paper bags.  Calculate the savings for Smith.

• 30

• 45

• 55

• 90

5. ______ is the portion of income one keeps aside for future use.

• Expense

• Needs

• Savings

• Wants

6. _______ is the thing that stops a person from spending on wants.

• Self-control

• Greed

• Wishes

• Desires

7. Mr. A sacrifices his wants for his family. Mr. A focuses on only fulfilling his needs and he does not think of satisfying his wants. This attitude of Mr. A is known as _________.

• Instant Gratification

•  Delayed Gratification

•  Impulsive buying

•  Budgeting

8. ________ means lack of availability of goods or service.

• Scarcity

• Loss

• Opportunity Cost

• Options

9. What are the main reasons to save money?

•  It helps in emergencies

•  For major purchases

•  Future purpose

• All of the above

10. Another term for ________ is availability.

• Price

• Demand

• Supply

• Goods