ASSESMENT 1 LP1 - LP5

Money is also called ________.

• paper

• bank

• currency

• vault

Using money one can buy _______ & _______.

• goods , services

• goods, emotion

• goods, pencil

• teaching, service

Mr. A went to Russia with his parents, which currency he must use to buy goods and services?

• Indian Rupee

• US Dollar

• Russian Ruble

• Sterling Pound

Miss. Smile is writing an assignment, while writing her pencil's nib breaks. She asks her friend Miss. Pinto to give her a sharpener, in return Miss. Smile promises her to give an eraser. What is this system of exchange known as?

• Money system

• Barter system

• Sharing system

• Paper Money system

_______ is an example of plastic money.

• Coinage

• Electronic money

• Paper money

• Credit Card

First use of paper money happened in _______.

• India

• Sri Lanka

• Namibia

• China

Mr. B was going to his friend's house to make him a payment of Rs. 100, his friend is in urgent need of money. On the way to his friend's house, someone stole Mr. B's wallet. Now Mr. B was really tensed as to how he will make payment to his friend. Is there any other way to make payment? Can you help Mr. B? (Mr. B has Rs. 500 in his bank account)

• Mr. B has no option left

• Mr. B can pay by cheque or electronic money

• Mr. B should search for his wallet

• Mr. B should compalin to police

______ is something how much the buyer pays for goods and services.

• Invoice

• Effort

• Attention

• Price

A service is a _______ you pay someone else to do.

• Goods

• Gift

• Job

• Money

________ is an example of goods.

• Teaching

• Doctor

• Bag

• Bus to school