AIFE Unit 1 Topic 3

What is the primary purpose of money?

• To store value

• To exchange goods and services

• To keep track of worth

• To make profits

What were the problems with the bartering system?

• Mismatch between desired items

• Trading items of unequal value

• Difficulty in finding trading partners

• All of the above

Where does the term 'money' come from?

• Ancient Greece

• Ancient Rome

• Ancient Egypt

• Ancient China

What are the main features of money?

• Easily recognizable and divisible

• Easy to carry and long-lasting

• Not easily available and consistent in value

• All of the above

Who manufactures coins for the UK?

• The Bank of England

• The Royal Mint

• De La Rue

• The London Institute of Banking & Finance

What is the main purpose of money?

• To provide a means of exchange

• To increase profits

• To control the economy

• To accumulate wealth

What are the distinctive features of money?

• Portability, durability, and holding value

• Flexibility, transparency, and accessibility

• Scarcity, divisibility, and fungibility

• Security, efficiency, and convenience

What are the different materials used to make coins in the UK?

• Bronze, nickel-plated steel, copper, and zinc

• Copper-plated steel, nickel-plated steel, copper, and nickel

• Bronze, nickel-plated steel, copper, and nickel

• Copper-plated steel, nickel-plated steel, copper, and zinc

What are the advantages of using polymer banknotes?

• They are more durable, cleaner, and have better anti-counterfeiting features

• They are more environmentally friendly and cheaper to produce

• They have a longer lifespan and are made from cotton and linen fibres

• They are more secure and made from a type of plastic called polymer

What are the challenges of moving towards a cashless society?

• It is easier to spend money electronically and harder to keep track of spending

• It is harder to spend money electronically and easier to keep track of spending

• It is easier to spend money electronically and easier to keep track of spending

• It is harder to spend money electronically and harder to keep track of spending