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Form 4B POB Assessment 1 - SEPT 2025

Total questions: 57

Worksheet time: 57mins

Name
Class
Date
1.

The barter system is the exchange of goods and cash.

a)

True

b)

False

2.

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

3.

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

a)

True

b)

False

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.

Subsistence economy involves

a)

paying for goods of only high quality

b)

Accumulating wealth

c)

Producing goods and service only for survival

d)

investing for future goals

6.

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

7.

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

8.
What function of money the picture represent? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Acceptable 
9.
What function of money the picture represents? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Stable 
10.
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 
11.
What is NOT a characteristic of money? 
a)
Divisible
b)
Portable
c)
Acceptable
d)
Accessible
12.
What characteristic of money the picture represents? 
a)
Divisible
b)
Acceptable
c)
Portable
d)
Stable 
13.
What characteristic of money the picture represents? 
a)
Acceptable
b)
Scarce
c)
Durable
d)
Stable 
14.

Easily transferred from 1 person to another, to make the exchange of money for products easier.

a)

Durability

b)

Portability

c)

Divisibility

d)

Scarcity

15.

This can be used in place of money.

a)

Fiat money

b)

Federal reserve notes

c)

National currency

d)

Trading or bartering

16.

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

17.

1. In bartering economies, people trade what they __________ for what they ___________.

a)

Own; buy

b)

Buy; sell

c)

Want; need

d)

Have; need

18.

One of the disadvantages of operating a barter system is that trading is

a)

taking place without currency.

b)

carried out in very large markets.

c)

limited by availability and demand of goods traded.

d)

conducted without consumer protections.

19.

Money should be portable. This means:

a)

You can carry it easily.

b)

It was originally designed in a port.

c)

It is either rectangular or circular.

d)

It is made out of paper.

20.

Money should be durable. This means:

a)

You cannot light it on fire.

b)

It must be tough so it doesn't break.

c)

It should be cheap to mass produce.

d)

It should be silver or gold.

21.

Money should be limited. This means:

a)

You can control how much of it is in use.

b)

It shouldn't be too heavy.

c)

You should use items such as pebbles or leaves.

d)

It should be either rectangular or circular.

22.

Money should be divisible. This means:

a)

You can use smaller pieces of it if you want.

b)

You can cut it in half and give both pieces to a vendor.

c)

If it's lost someone must return it to you.

d)

It must have a picture of a president on it.

23.

Money should be durable, divisible, limited these are examples of?

a)

functions of money

b)

federal reserve notes

c)

formerly used currencies

d)

characteristics of money

24.

Money is a medium of exchange, measure of value, and store of value these are examples of?

a)

functions of money

b)

federal reserve notes

c)

formerly used currencies

d)

characteristics of money

25.

Which of the following instruments of exchange permits customers to lodge queries or complaints via the telephone?

a)

E-commerce

b)

Electronic Transfer

c)

Tele-banking

d)

Mobile Money

26.

Businesses can advertise, purchase materials and sell their

products over the internet using which of the following instruments

a)

M-money

b)

E-commerce

c)

Bill of exchange

d)

Telephonic money order

27.

This machine can be used to make payments to merchants with both your debit and credit card.

a)

True

b)

False

28.

Credit is making payments before receiving the item.

a)

True

b)

False

29.

A Manager's Cheque is also known as a

(a)  

30.

A CREDIT CARD is used to make payments electronically with funds from your own bank account.

a)

False

b)

True

31.

A cheque drawn on a bank and not on the customer is referred to as a

a)

Bank Draft

b)

Bill of Exchange

c)

Cheque

32.

This is usually used by persons who are selling goods to others in another country __________ ______ ______________ .

(a)  

33.

This instrument of payment is usually prepared by the post office and not the bank

a)

Cheque

b)

Bill of exchange

c)

Bank Draft

d)

Money order

34.

Purchases can be made using your smartwatch, tablet, or smartphone using this instrument

a)

E-commerce

b)

Mobile wallet

c)

Credit card

d)

Debit card

35.

Select the statements which are true about the Credit Card

a)

It is a loan from the bank to the card holder

b)

It can be used for local payments only

c)

There is a bill to be paid at the end of the month

d)

It is used for online payments and shopping

36.

This instrument notifies the buyer that a specific sum of money is due to the seller at a specific time in the future

a)

Tele-banking

b)

Bank draft

c)

Bill of exchange

d)

Cheque

37.

Cheques must have the following;

a)

sum on money in words and figures

b)

Date the cheque is to be cashed

c)

Signature of the person writing the cheque

d)

Date the cheque was written

e)

purpose the cheque was written

38.

___________ ____________ are the movement of money from one bank to another bank.

(a)  

39.

Which card is normally used to withdraw money from a person's personal account ?

a)

Debit card

b)

Credit Card

40.

________ is a direct payment using notes and coins.

a)

e-wallet

b)

cash

c)

debit card

d)

postal order

41.

Which of these payment instruments DOES NOT involve cards?

a)

e-wallet

b)

credit card

c)

debit card

d)

prepaid card

42.

Your father wants to pay for groceries at the supermarket but he forgot to withdraw some cash from the ATM machine. What payment instrument can he use instead?

a)

debit card

b)

cheque

c)

postal order

d)

Internet banking

43.

Choose ONE disadvantage of using credit card?

a)

Able to buy everything you wanted

b)

Easy payment

c)

Risk of overspending

d)

Able to pay for expensive items

44.

Credit cards have been the main payment method used for online purchases.

a)

True

b)

False

45.

What must be used to do online banking?

a)

Cash

b)

Debit Card

c)

Internet

46.
What is a disadvantage of using a credit card?
a)
It is easy to use.
b)
You can spend more than you have. 
c)
It can be used in emergencies.
d)
Banks sometimes give rewards on credit cards. 
47.

What type of payment doesn't have a proof of purchases unless you save your receipts?

a)

Cash

b)

Credit Card

c)

Debit Card

d)

Online Banking

48.

It refers to money that is exchanged electronically.

a)

Online Payment

b)

Cash

c)

Debit Card

d)

Check

49.

Michael goes to Murni Supermarket to buy daily necessities. Which payment instrument is impossible to use when making the payment?

a)

Cheque

b)

Debit card

c)

Credit card

d)

Cash

50.
What is the difference between Debit and Credit?
a)
Debit uses money borrowed from the bank, Credit uses the money you already have.
b)
Credit uses borrowed money or the bank's money, Debit uses your money.  
c)
They are both cards, they are the same. 
d)
Debit charges interest until the balance is paid. Credit does not because you are using your own own money. 
51.

Payment through saving accounts using card

a)

credit card

b)

debit card

52.

My stereo system can be bought on hire purchase. It is.....

a)

Medium of exchange

b)

Store of Value

c)

Means of deferred payment

d)

Price mechanism or unit of account

53.

The purchase amount is immediately removed from a linked account.

a)

Debit Card

b)

Credit Card

c)

Stored-Value Card

54.

Your credit rating is affected.

a)

Debit Card

b)

Credit Card

c)

Store Value Card

55.

Are credit cards bad?

a)

Yes, they get you into debt

b)

No, it’s free money

c)

Yes, spend more than they have

d)

No, you must use it wisely

56.

A ----------------------------------- is a written order by the account holder to his bank to pay on demand a specified amount of money to the named person or to the bearer

(a)  

57.

A ________________ _______________is a document which is sold by the government, banking institution or Post Office for the purpose of remitting money. The stated payee can receive cash.

(a)  

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