Functions of money

How many functions of money?

• 1

• 2

• 3

• 4

Which of the following is not a function of Money?

• Unit of account

• Store of value

• Inflation stopper

When does the bank have  a debt to you?

• When you withdraw banknotes from an ATM

• When you deposit money into your own account

• When you pay your electricity bill with a cash transfer

Which body issues all the banknotes in England

• The UK parliament

• Bank of England

• Commercial banks

• None of the above. All the banknotes and coins in Europe are issued exclusively by the European Central Bank

Easily transferred from one person to another, to make the exchange of money for goods/services easier

• Durability

• Divisibility

• Portability

• Scarcity

Money has what if it doesn't deteriorate when it is being handled?

• Scarcity

• Divisibility

• Durability

• Portability

What is money if it is available but only in a limited supply?

• Portable

• Durable

• Divisible

• Scarce

Barter is BEST described as the

• Purchase of goods and services using cheques

• Exchange of goods and services using notes and coins

• Process of exchange involving the use of money

• exchange of goods and services without the use of money

Who creates all the coins in England?

• The Royal Mail

• The Treasury

• The Royal Mint

• The Bank of England

Which description best describes the function, “means of exchange”?

• Allows goods and services to be traded without the need for a barter system.

• Allows the ability to exchange products without the use of money