MML201- 1

Digital money like UPI and payment cards is also known as ________.

• Traditional money

• Digital money

Taylor wanted to send $50 to Tia immediately. He asks you for help, which method would you recommend?

• Traditional money transfer

• Digital money transfer

Trading services or goods with another person when there is no money involved is known as ________.

• Barter System

• Fiat Money

The barter system was relied upon by early civilizations.

• True

• False

What came after the barter system?

• Coins

• Digital Money

Paper money was invented in China in the 11th century CE.

• True

• False

Paper Money was certainly easier to carry in large amounts than coins.

• True

• False

Fiat money gives central banks greater control over the economy because:

• They keep money with themselves

• They are in charge of how much money is printed

Digital money refers to any means of payment that exists in a purely electronic form.

• True

• False

Debit/Credit cards is a part of:

• Digital money

• Fiat money