WorksheetsF4-21-TERMS, BARTER, MONEY QUIZ
Total questions: 30
Worksheet time: 30mins
The barter system is the exchange of goods for money.
True
False
Subsistence economy involves
paying for goods of only high quality
Accumulating wealth
Producing goods and service only for survival
investing for future goals
The exchange of goods and services without the use of money ______.
service
consumer
producer
barter
Money has what if it doesn't deteriorate or fall apart when it is being handled?
Scarcity
Divisibility
Durability
Portability
Money has what if it can be broken down into smaller units so it can be used as needed?
Divisibility
Portability
Scarcity
Durability
Money is generally accepted as payment for goods and services. Which function of money is this?
Measure of value
Medium of exchange
Scarcity
Store of Value
1. In bartering economies, people trade what they __________ for what they ___________.
Own; buy
Buy; sell
Want; need
Have; need
Money should be portable. This means:
You can carry it easily.
It was originally designed in a port.
It is either rectangular or circular.
It is made out of paper.
Money should be durable, divisible, portable, acceptable. These are examples of?
functions of money
Types of money
Early man's money
characteristics of money
A focus on developing only certain skills or producing only certain goods/services
Imports
Exports
Specialization
Globalization
Specialization focuses on producing______________.
a variety of activities or products.
one particular kind of activity or product.
Example of activities done by early man to satisfy their needs
Banking
Teaching
Fishing
Exchanging money
These are what we can survive without, but would like to have, they are not necessary for survival
Needs
Goods
Services
Wants
Food, shelter, and clothing are examples of
Wants
Needs
Unnecessary items
Money
Jane exchanged rice for bananas, but 2 days later, the bananas were so overripe she could not use them- Which disadvantage of barter is this?
Storage of wealth
Double coincidence of wants
Exchange rate
Divisibility of goods
What solved the problem of barter?
Early man
Double coincidence of wants
Money
Surplus goods
An advantage of specialization is:
Workers become experts or more skilled in their area
Workers get bored doing the same thing repeatedly
Workers lose skills in other areas
The job does not get done faster
A disadvantage of specialization is:
Workers become experts or more skilled in their area
Workers get bored doing the same thing repeatedly
Workers become more efficient
The job gets done faster
Which is not a function of money?
A means of exchange
A measure of value
A way to pay early
A store of value
Which is the most important characteristic of money?
It must be durable
It must be portable
It must be divisible
It must be acceptable
Which one of these is a limitation or disadvantage of the barter system?
Lack of double coincidence of wants
Lack of store of value
Lack of agreeing on an exchange rate
All of these
Last year, you saved in cash. You've been saving that money in a shoebox under your bed. You are saving the money to buy a new computer next year. What is the main function of money exhibited here by you saving?
Medium of Exchange
Store of Value
Unit of Account
Stable
1. The extra or surplus funds (money) which remain from sales after all expenses or the cost of production have been covered is called
Sales
Breakeven
Loss
Profit
A group of people working together to achieve a specific goal is a/an
organization
economy
subsistence economy
surplus
Any individual or organization which uses or buys goods and services is a/an
economy
producer
consumer
organization
The money and equipment used to start and operate a business is called
sales
services
goods
capital
Products that cannot be seen or touched, intangible products like the skills of a hairdresser, teacher, doctor.
Goods
Services
Profit
Loss
The process of dividing a job into different tasks or specializations, where each task is performed by different people is called
Division of Labour
Specialization
Barter
Organization
