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The Nature of Business

Total questions: 25

Worksheet time: 12mins

Name
Class
Date
1.

The barter system is the exchange of goods and cash.

a)

True

b)

False

2.

There are no problems faced when people are using the barter system.

a)

True

b)

False

3.

Double coincidence of wants is an issue associated with the system of

a)

barter

b)

sale

c)

transfer

d)

donations

4.

Which of the following is a disadvantage of of the barter system

I The rate of exchange

II Storage of wealth

III Acquisition of goods

a)

I and II only

b)

III only

c)

I and III only

d)

I, II and III

5.

An advantage of Barter is

a)

you can use money

b)

more goods can be acquired

c)

it is flexible in trading goods or services

d)

it is a quick process of trade

6.

The exchange of goods and services without the use of money ______.

a)

service

b)

consumer

c)

producer

d)

barter

7.

What problem did people have in the time before money?

a)

It was difficult to get what they wanted and needed.

b)

The mall was too crowded

8.

The act, process or business of buying, selling or exchanging goods and services is called ___________.

a)

trade

b)

barter

9.

The exchange of goods and services is made more efficient by:

a)

Barters

b)

Money

c)

Governments

d)

Some combination of government transfer and barter

10.

3:Barter is the trade of goods or services with ?

a)

free exchange of money

b)

exchange of goods and services

c)

exchange of services

d)

 None of them

11.

4: What possess general acceptability?

a)

Bank draft

b)

Money

c)

Bill of exchange

d)

None of these

12.

5: Which one of these is a limitation of barter system?

a)

Lack of double coincidence of wants

b)

Lack of store of value

c)

Lack of common measure of value

d)

All of these

13.

6: Which of the following is not a problem of barter system?

a)

Store of value

b)

Unit of account

c)

Double coincidence of wants

d)

Unemployment

14.

7: read the following dialogue between the two people:

Sidra: i want 1 kg of potatoes.

Rabia: What will you give in exchange?

Sita: i can give you 2 litres of milk in return for the potatoes.

Rani: I don't need milk. I want a pair of shoes.

which of the following problem is being faced by sita and rani in their exchange process?

a)

lack of double coincidence of wants

b)

lack of store of value

c)

absence of common unit of value

d)

lack of standard of defferred payment

15.
What function of money the picture represent? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Acceptable 
16.
What function of money the picture represents? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Stable 
17.
Last year, you sold your game system to your friend Jimmy for $125 in cash. You've been saving that money in a shoe box under your bed. You are saving the money to buy a new computer next year. What is the primary function of money exhibited here? 
a)
Medium of Exchange
b)
Store of Value
c)
 Unit of Account
d)
Stable 
18.
At the grocery store last week, you purchased $94.25 worth of groceries. You paid for the groceries in cash. You gave the cashier four $20 bills, a $10 bill, three $1 bills, and a quarter. What is the primary function of money exhibited here? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Acceptable 
19.
At the grocery store last week, you had to decide whether to buy the 14.5 oz can of diced tomatoes for $1.75 or the 28 oz. can of diced tomatoes for $2.44. What is the primary function of money exhibited here? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Divisible 
20.
What is NOT a characteristic of money? 
a)
Divisible
b)
Portable
c)
Acceptable
d)
Accessible
21.
What characteristic of money the picture represents? 
a)
Divisible
b)
Acceptable
c)
Portable
d)
Stable 
22.

Money has what if it doesn't deteriorate when it is being handled?

a)

Scarcity

b)

Divisibility

c)

Durability

d)

Portability

23.

Money has what if it can be broken down into smaller units so it can be used as needed?

a)

Divisibility

b)

Portability

c)

Scarcity

d)

Durability

24.

This can be used in place of money.

a)

Fiat money

b)

Federal reserve notes

c)

National currency

d)

Trading or bartering

25.

What are the 3 functions of money?

a)

Measure of Gold

b)

Store of Value

c)

Medium of Exchange

d)

Store of Bank Notes

e)

Measure of Value

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