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WorksheetsInstruments of Exchange
Total questions: 20
Worksheet time: 24mins
An instrument of exchange can be described as anything that enables a transaction to take place.
True
False
Which of the following pictures best shows the functions of money?
All of the following are instruments of exchange/payment except
promissory note
debit card
bill of exchange
m-money/mobile money
One major difference between the credit card and the debit card is that the credit card is where you use the bank's money and you have to repay it with interest while the debit card is where you use your own money in your savings account.
True
False
Which is the odd one out
Which of the following instruments of exchange permits customers to lodge queries or complaints via the telephone?
E-commerce
Electronic Transfer
Tele-banking
Mobile Money
Businesses can advertise, purchase materials and sell their
products over the internet using which of the following instruments
M-money
E-commerce
Bill of exchange
Telephonic money order
This machine can be used to make payments to merchants with both your debit and credit card.
True
False
The abbreviation ATM located at the top of this machine stands for _________ _________ ________ .
(a)
A cheque drawn on a bank and not on the customer bank account is referred to as a
Bank Draft
Bill of Exchange
Cheque
This is usually used by persons who are selling goods to others in another country __________ ______ ______________ .
(a)
Select the statements which are true about the Credit Card
It is a loan from the bank to the card holder
It can be used for local payments only
There is a bill to be paid at the end of the month
It is used for online payments and shopping
Purchases can be made using your smartwatch, tablet, or smartphone using this instrument
E-commerce
Mobile wallet
Credit card
Debit card
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
What is the instrument of payment shown in the picture?
prepaid card
postal order
cheque
e-wallet
which of the following is a characteristic of e-wallet?
Represents cash to
be sent to a specified
payee issued by the
post office.
Written order to a
bank to pay the
stated amount of
money.
Cashless payment
using applications in
an electronic device.
Payment is made
using existing cash
balance using
top-up service.
John made Total sales revenue is $55,000 and his Total cost is $50,000. John has made ____
A loss of $5,000
A profit of $5,000
A loss of $55,000
A profit of $55,000
An intangible benefit is called a ____
Good
Service
Commodity
Market
All of the above are characteristics of money EXCEPT
Medium of exchange
Durable
Fungible
Legality
When you purchase stock, what do you own?
A piece of art
A piece of the company
A piece of real estate
A piece of jewelry
