Function of money
Quiz by Rahela Begum
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16 questions
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- Q1What is one primary function of money in an economy?Medium of exchangeStandard of deferred paymentsUnit of accountStore of value30s
- Q2Which function of money allows it to measure the value of goods and services?Medium of exchangeStore of valueUnit of accountLiquidity30s
- Q3What function of money is demonstrated when people save their money for future use?Medium of exchangeStandard of deferred paymentsStore of valueUnit of account30s
- Q4Which of the following best describes the 'medium of exchange' function of money?It provides a measure of value for goods and services.It ensures consistent value of loans over time.It facilitates transactions between buyers and sellers.It allows individuals to save wealth over time.30s
- Q5What function of money allows it to serve as a common measure for different goods?LiquidityUnit of accountMedium of exchangeStore of value30s
- Q6Which function of money is primarily concerned with its ability to retain value over time?Unit of accountStandard of deferred paymentsStore of valueMedium of exchange30s
- Q7Which function of money allows it to serve as a way to compare the value of different products?Medium of exchangeStore of valueStandard of deferred paymentsUnit of account30s
- Q8What is a common disadvantage of using credit cards?High-interest ratesBuilding credit historyConvenience in paymentsCashback rewards30s
- Q9What is a key benefit of using mobile payment apps?Higher fees than credit cardsRisk of identity theftLimited acceptanceConvenience of transactions30s
- Q10What feature do contactless payments offer to users?Quick and easy transactionsLimited transaction amountsLong processing timesHigher security risks30s
- Q11What is a major benefit of using prepaid cards?Accumulating interestBudget controlBuilding a credit scoreAccessing loans30s
- Q12Which payment method generally allows you to delay payment until a later date?Debit cardsPrepaid cardsCredit cardsCash30s
- Q13Which of the following payment methods usually does not require a physical transaction to complete?CashWire transfersChecksOnline payments30s
- Q14Which payment method is often linked directly to your bank account?Gift cardsCredit cardsDebit cardsPayPal30s
- Q15What is a disadvantage of using cash for purchases?It provides a record of spendingIt can earn interestIt can be lost or stolen easilyIt helps build credit30s