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barter and instruments of exchange

Quiz by Marcia Lewis

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20 questions
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  • Q1
    Before modern society, the economic system was characterized by:
    money payment
  • Q2
    Which of the following conditions operated under the barter system?
    Goods were used as a means of exchange
    All households were self-sufficient
    The rate of exchange was fixed
    Determining the value of an item was easy
  • Q3
    Early man satisfied his needs by:
    trading with people of other lands
    using his own initiatives
    depending entirely on others
    buying what he wants
  • Q4
    Which of the undermentioned is NOT a function of money.
    Measure of value
    Medium of Exchange
    Store of Value
  • Q5
    Which 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 only
    II and III only
    I, III and IV only
    I, II and III only
  • Q6
    Barter is BEST described as the
    purchase of goods and services using cheques
    exchange of goods and services without the use of money
    process of exchange involving the use of money
    exchange of goods and services using notes and coins
  • Q7
    Which of the following is not an instrument of exchange?
    bills of exchange
    Money remittance
    credit cards
  • Q8
    The main reason why cowrie, shells, animal's teeth and hides were used as money is because:
    they were easy to store
    they were easy to find
    they were scarce
    they were easy to carry
  • Q9
    A money order is a certificate, which is usually issued by:
    a government or banking institution
    government only
    banks only
    any institution
  • Q10
    A system of transferring money from one bank account directly to another without any paper money changing hands, is called
    Funds Transfer
    Electronic Money Sent
    Money Transfer
    Electronic Funds Transfer
  • Q11
    An example of electronic commerce or internet commerce is
    paying for gas bought at Unipet with a credit card
    buying a pair of sneakers from a friend
    using your debit card to purchase a tyre at the repair shop
    purchasing an item on
  • Q12
    Tele-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 above
  • Q13
    This 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 card
    bank card
    credit card
    linx card
  • Q14
    Which 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 above
    I, II, III
    II and III
  • Q15
    Which of the following must be accepted in a financial transaction? I. banknotes II. coins III. cheques IV. gold
    a. I only
    c. I, II and III
    b. I and II
    d. all of the above

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