Business Studies Week 2

Anything that serves as a generally acceptable means of exchange is called

• Easy to carry

• Money

• Barter

• Portability

Choose 3 functions of money from the list

• Durability

• A medium of exchange

• Standard of deferred payments

• Store of value

Choose 3 characteristics of money

• Divisibility

• Portability

• Durability

• Unit of account

Name 4 instruments of exchange

A drawer is someone

• Who is responsible for following the drawers instruction to transfer funds to the employee

• Who makes out a bill of exchange such as a check ordering payment of funds

Tele-banking is:

• Transfer of funds

• Buying and selling of goods electronically via the internet

• Making banking transaction usine a banking network

• Serves as a means of exchange

Name 2 types of payment instrument you use regularly to make purchases

A credit transfer means

• Paying money into your account

• Making a payment from your account

• Sends funds from one bank to another

• Bond investments from the government

Which electronic payment in which funds are transferred directly and immediately from the user's account to the person they are paying?

• Money order

• Credit card

• Debit Card

• Bank Draft

Name 3 main channels used as a means of delivering money and payments through the banking system