Functions of Money
Economics ⇒ Money and Banking
Functions of Money starts at 10 and continues till grade 12.
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See sample questions for grade 10
Describe how money acts as a standard of deferred payment.
Describe the importance of the 'store of value' function of money in an economy.
Describe the role of money as a 'unit of account' in an economy.
Explain how money facilitates trade compared to the barter system.
Explain the difference between the primary and secondary functions of money.
Explain the function of money as a 'store of value'.
Explain why money is considered more efficient than barter for conducting transactions.
In a barter system, why is the double coincidence of wants a problem?
Which function of money allows people to compare the value of different goods and services? (1) Store of value (2) Unit of account (3) Medium of exchange (4) Standard of deferred payment
Which function of money is being used when a person pays for a product in instalments over time? (1) Medium of exchange (2) Store of value (3) Standard of deferred payment (4) Unit of account
Which function of money is being used when a person saves money in a bank for future use? (1) Medium of exchange (2) Store of value (3) Unit of account (4) Standard of deferred payment
Which function of money is most affected during periods of high inflation? (1) Medium of exchange (2) Store of value (3) Unit of account (4) Standard of deferred payment
Fill in the blank: The ________ function of money allows it to be used as a common measure for valuing goods and services.
Fill in the blank: The ________ function of money allows it to be used for buying and selling goods and services.
Fill in the blank: The ________ function of money helps in making future contracts and credit transactions possible.
Fill in the blank: The function of money that allows it to be used for future payments is called ________.
State whether the following statement is true or false: 'Money is always a perfect store of value.'
State whether the following statement is true or false: 'Money is only used for buying goods and not for saving.'
State whether the following statement is true or false: 'Money is only used within a country and cannot be transferred internationally.'
True or False: Money can be used to transfer value from one place to another.
