Business Studies Week 1

What is the exchange of goods and services for other goods and services without the use of money?

• Double coincidence of wants

• Barter

• Surplus

• Money

What occurs when two people each want what the other has to offer?

• Money

• Surplus

• Barter

• Double coincidence of wants

What is an excess output on what a producer requires for his or her own use?

• Deferred payments

• Medium of exchange

• Surplus production

• Barter

What is anything that can serve as a generally acceptable means of exchange?

• Credit

• Deferred payments

• Money

• Barter

4 functions of money are:

store of value

medium of exchange

unit of account

deferred payment

• True

• False

A subsistence economy is one in which the people are able to provide for their own wants and needs through farming and fishing.

• True

• False

What is a transaction register?

• A place to register banking mistakes

• A place to register your debit card

• A place to record withdrawals and deposits

• None of the above

A debit card allows

• The bank to access your money

• Access to money that you're burrowing

• Direct access to your money

• Other people access to your money

What is a savings account?

• None of the above

• A place your bank holds your money for future use

• A place the bank keeps your money for everyday use

• A place for money that you are burrowing

A debit card takes money out of your account

• in one week

• in two days

• in two weeks

• immediately