Money and its Role Quiz

What is the meaning of barter system?

• Exchange of services for goods

• Exchange of goods for money

• Exchange of goods for goods

• Exchange of services for money

Which of the following is a demerit of the barter system?

• Easily stored for a long period

• Common unit of measurement

• Easy divisibility of goods

• Lack of double coincidence of wants

What is the primary function of money?

• Serving as a medium of exchange

• Acting as a store of value

• Measuring the value of goods

• Making future payments

What is the symbol of the Indian Rupee?

• Ұ

• Rs.

• €

• £

What is the function of money where it acts as a unit of account?

• Medium of exchange

• Making payments in future

• Store of value

• Measure of value

What is the currency of the United Kingdom?

• Yen

• Dollar

• Pound

• Euro

What is the function of money where it acts as a store of value?

• Measure of value

• Making payments in future

• Medium of exchange

• Storing the value of goods

What is the meaning of value of a good?

• Price of the good - Quantity of the good

• Price of the good ÷ Quantity of the good

• Price of the good + Quantity of the good

• Price of the good × Quantity of the good

What is the function of money where it is used in making future payments?

• Medium of exchange

• Measure of value

• Standard of deferred payment

• Store of value

What is the currency in the USA called?

• Dollar

• Euro

• Pound

• Yen