Quizizz on Money and Bartering

What was the main problem with the barter system?

• Double coincidence of wants was required

• It was too simple to use

• People didn't like trading goods

• It used too many resources

Which of these is NOT a form of money used throughout history?

• Salt

• Digital currency

• Plastic cards

• Seashells

What is the primary advantage of using currency over bartering?

• It's more colorful

• It serves as a standard medium of exchange

• It's easier to carry

• It never loses value

What is a loan?

• A gift of money that doesn't need to be repaid

• Money borrowed that must be repaid with interest

• A type of bank account

• A form of bartering

What is interest?

• A type of bank account

• The total amount of money borrowed

• Extra money paid for borrowing

• A form of withdrawal

What happens during inflation?

• Prices generally decrease

• Money becomes more valuable

• Banks close down

• Money loses value over time

A withdrawal is when you:

• Add money to your account

•  Close your account

• Take money out of your account

• Open a new account

Which is NOT a service typically offered by banks?

• Online banking

• Bartering services

• Savings accounts

• ATM access

What is a commercial bank?

• A place that only sells money

• A bank owned by its members

• A financial institution that makes profit

• A government-owned bank

What is the main difference between a bank and a credit union?

• Credit unions are owned by members

• Banks don't offer loans

• Credit unions don't use money

• Banks don't have ATMs