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Gr 11 Math Lit: Ch 3.5 Exchange Rates

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Questions and Answers

What does an exchange rate show?

The comparison of the value of one currency in relation to another currency (correct)

The total value of all currencies in the world

The value of a currency in its own country

The difference between two currencies

Why do exchange rates fluctuate?

Because of changes in the value of goods being imported and exported (correct)

Because of changes in the weather

Because of a fixed schedule

Because of random chance

What is the purpose of estimating currency conversions?

To compare the strength of different currencies

To have a general idea of the exchanged amount (correct)

To get an exact amount of currency

To calculate the total value of all currencies

What is the formula to calculate currency conversions accurately?

Converted amount = Foreign currency amount × Exchange rate Signup and view all the answers

What determines the strength of a currency?

The exchange rate between two currencies Signup and view all the answers

Who uses exchange rates?

Both travelers and businesses that import and export goods Signup and view all the answers

What is the purpose of accurate currency conversions?

To ensure accurate financial planning for businesses Signup and view all the answers

Why are exchange rates important?

Because they are used by travelers and businesses to convert currencies Signup and view all the answers

What is the primary benefit of using an estimated exchange rate for currency conversions?

To get a general idea of the exchanged amount for travel purposes Signup and view all the answers

When is an accurate calculation of currency conversions necessary?

When importing or exporting goods for business Signup and view all the answers

What is the result of multiplying the amount of foreign currency by the exchange rate?

The accurate amount of currency Signup and view all the answers

What is the relationship between the exchange rate and the value of a currency?

The exchange rate determines the value of a currency Signup and view all the answers

What is the purpose of understanding the exchange rate between two currencies?

To facilitate international trade and travel Signup and view all the answers

How do exchange rates affect businesses that import or export goods?

They affect the financial planning and pricing of goods Signup and view all the answers

What is the result of a change in the exchange rate between two currencies?

The financial planning and pricing of goods need to be adjusted Signup and view all the answers

Why are exchange rates important for international trade?

They allow businesses to plan and price their goods accurately Signup and view all the answers