Font size
WorksheetsBTEC Business Unit 3 LO:A Functions of Money
Total questions: 10
Worksheet time: 8mins
How many functions of money are there?
(a)
Identify the four functions of money
Unit of account, means of exchange, store of account and legal tender
Store of account, means of exchange, store of value and money tender
Unit of account, means of exchange, store of value and legal tender
Unit of account, means of exchange, store of tender and legal tender
The acronym LUMS (also Scottish for chimney) can be used to remember the functions of money. What does the L stand for?
(a)
Identify the function of money being explained
Money can be placed in a bank and then used in the future to buy goods and service.
Unit of account
Means of exchange
Store of value
Legal Tender
The acronym LUMS (also Scottish for chimney) can be used to remember the functions of money. What does the U stand for?
(a)
Identify the function of money being explained
Money is the official method of payment for goods and services and the national currency of a country.
Unit of account
Means of exchange
Store of value
Legal Tender
The acronym LUMS (also Scottish for chimney) can be used to remember the functions of money. What does the M stand for?
(a)
Identify the function of money being explained
Places a value on goods and services. In the UK this is pounds and pence.
Unit of account
Means of exchange
Store of value
Legal Tender
Identify the function of money being explained
Used to buy or trade goods and services.
Unit of account
Means of exchange
Store of value
Legal Tender
The acronym LUMS (also Scottish for chimney) can be used to remember the functions of money. What does the S stand for?
(a)
