Money and banking

A system whereby commodities are offered in exchange for goods and services.

• Exchange

• Barter system

• Making payment

• Saving

Which of the following is not a difficulty of barter system?

• Used as a standard for deferred payments

• Need for double coincidence of wants

• Difficult to store

• Difficult to carry

-------------- is anything that is generally acceptable as a medium of exchange

-----------, -----------, ----------- are characteristics of money

----------, ----------,----------- are functions of money.

---------- is an organisation which deals with finance.

--------------- is the government bank and is the regulatory body of all of the banks in a country

Most common type of banks providing services to the businesses, government and public.

• Saving banks

• Central bank

• Commercial banks

• Investment bank

Which of the following is not a function of commercial banks

• Accepting deposits

• Regulate monetary policy

• Making payments

• Giving loans

Which of the following method of payment can be used to transfer money from one account to another or to withdraw money from the account.

• Direct debit

• Credit card

• Cheque

• Pay-in slips