barter and instruments of exchange
Quiz by Marcia Lewis
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
20 questions
Show answers
- Q1Before modern society, the economic system was characterized by:mechanizationspecializationbartermoney payment60s
- Q2Which of the following conditions operated under the barter system?Goods were used as a means of exchangeAll households were self-sufficientThe rate of exchange was fixedDetermining the value of an item was easy60s
- Q3Early man satisfied his needs by:trading with people of other landsusing his own initiativesdepending entirely on othersbuying what he wants60s
- Q4Which of the undermentioned is NOT a function of money.Measure of valueMedium of ExchangeIndivisibilityStore of Value60s
- Q5Which of the following statements explain why a barter system restricts exchange? I. There must be a coincidence of wants II. The commodities used are not homogeneous III. It is difficult to divide certain commodities IV. A rate of exchange must be determined.III and IV onlyII and III onlyI, III and IV onlyI, II and III only120s
- Q6Barter is BEST described as thepurchase of goods and services using chequesexchange of goods and services without the use of moneyprocess of exchange involving the use of moneyexchange of goods and services using notes and coins60s
- Q7Which of the following is not an instrument of exchange?bills of exchangechequesMoney remittancecredit cards30s
- Q8The main reason why cowrie, shells, animal's teeth and hides were used as money is because:they were easy to storethey were easy to findthey were scarcethey were easy to carry30s
- Q9A money order is a certificate, which is usually issued by:a government or banking institutiongovernment onlybanks onlyany institution120s
- Q10A system of transferring money from one bank account directly to another without any paper money changing hands, is calledFunds TransferElectronic Money SentMoney TransferElectronic Funds Transfer120s
- Q11An example of electronic commerce or internet commerce ispaying for gas bought at Unipet with a credit cardbuying a pair of sneakers from a friendusing your debit card to purchase a tyre at the repair shoppurchasing an item on amazon.com60s
- Q12Tele-banking is a facility enabling customers to make use of banking services, such as: I oral payment instructions, II account movements, III raising loans, IV all of the aboveIIIVIIII120s
- Q13This plastic card is used to make purchases, and is to be repaid to the issuer, within a specified time or an interest will be added to the total sum owed.debit cardbank cardcredit cardlinx card120s
- Q14Which of the following constitutes a bank transfer? I. the movement of funds from one bank account to another internally, II. payment of a credit card directly from a bank account, III. the movement of funds from a bank account to another externally IV none of the aboveII, II, IIIII and IIIIV120s
- Q15Which of the following must be accepted in a financial transaction? I. banknotes II. coins III. cheques IV. golda. I onlyc. I, II and IIIb. I and IId. all of the above120s