Everyday Money Transactions Quiz
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Why do people prefer to receive payments in money?

  • Money can be easily exchanged for any commodity or service (correct)
  • Money is lightweight and easy to carry
  • Money has intrinsic value
  • Money is immune to inflation
  • What are some examples of transactions involving money mentioned in the text?

  • Buying and selling goods
  • Exchanging services
  • Making promises to pay money later
  • All of the above
  • a and b only (correct)
  • In the context of transactions, what does the text imply about the importance of money?

  • Money is a burden in transactions
  • Money is the only form of transaction accepted
  • Money facilitates the exchange of goods and services (correct)
  • Bartering is more efficient than using money
  • What is the primary reason for a shoe manufacturer to exchange shoes for money before buying wheat?

    <p>To use the money to buy wheat</p> Signup and view all the answers

    What purpose does money serve in transactions?

    <p>Facilitating the exchange of goods and services</p> Signup and view all the answers

    Money is only used for buying and selling goods, not for exchanging services.

    <p>False</p> Signup and view all the answers

    A person holding money can easily exchange it for any commodity or service that he or she might want.

    <p>True</p> Signup and view all the answers

    The shoe manufacturer in the text exchanges shoes for money, and then exchanges the money for wheat.

    <p>True</p> Signup and view all the answers

    The use of money in transactions makes it more difficult to exchange goods and services.

    <p>False</p> Signup and view all the answers

    Everyone prefers to receive payments in money and then exchange the money for things that they want.

    <p>True</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Browser