Money, money, money, MONEY!!!

What form of payment do you use most often?

• Cash

• Credit card

• Debit card

• I.O.U.

What is Cash?

• Digital form of payment

• Payment through checks

• Legally endorsed coins and paper currency

• Direct deduction from bank account

What is a Check?

• Plastic card for payment

• Dated and signed payment instruction

• Electronic transfer of funds

• Direct payment from bank account

What is a Credit Card?

• Plastic card for direct deductions

• Payment through check

• Electronic transfer of funds

• Electronic method of payment on credit

What is a Debit Card?

• Direct deduction from bank account

• Legally endorsed coins and paper currency

• Plastic card for credit purchases

• Electronic method of payment with grace period

What is the main characteristic of a barter system?

• Goods and services are exchanged for credit cards

• Goods and services are exchanged for gold or silver

• Goods and services are exchanged for money

• Goods and services are exchanged for other goods and services directly

Which of the following best describes a medium of exchange?

• A type of money that is not commonly accepted

• A method of bartering goods without any exchange

• An instrument representing a standard value used for buying and selling

• An item with no agreed-upon value used for exchange

Why is it important for participants in the economy to agree on the value of money?

• To create confusion in transactions

• To ensure smooth exchanges of goods and services

• To make money worthless

• To eliminate the need for money

What does it mean for money to be a unit of measure?

• Money can only be saved but not spent

• Money has no value in transactions

• Money helps determine the relative value of products and services

• Money can only be used for one specific product

Which characteristic of money allows individuals to save and retain its value for future use?

• Unit of Measure

• Store of Value

• Incentive

• Medium of Exchange