Functions of Money and Physical Currency Security

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Questions and Answers

Which term refers to the value of assets owned?

  • Employment
  • Income
  • Wealth (correct)
  • Salary

What type of employment typically includes 30 to 40 hours each week and usually includes a set salary and benefits?

  • Casual work
  • Part-time employment
  • Zero-hour employment
  • Full-time employment (correct)

What is the term for a type of contract between an employer and an employee where the worker is not guaranteed a minimum number of hours?

  • Zero-hour employment (correct)
  • Casual work
  • Part-time employment
  • Full-time employment

What is the term for a fixed amount of money paid to an employee for each pay period?

<p>Salary (B)</p> Signup and view all the answers

Which term refers to an amount of money paid to an employee at a specific rate per hour worked?

<p>Wage (A)</p> Signup and view all the answers

What are the characteristics of physical money that ensure its security?

<p>Watermarks, holograms, and unique serial numbers (A)</p> Signup and view all the answers

What is the term for the legally mandated minimum hourly wage set by the government to ensure fair compensation for workers?

<p>National minimum wage (D)</p> Signup and view all the answers

Which type of bank accounts typically offer the highest interest rates?

<p>Savings accounts (A)</p> Signup and view all the answers

What is the term for the trade-off between the potential gain and potential loss associated with an investment or financial decision?

<p>Risk vs reward (C)</p> Signup and view all the answers

Which form of borrowing involves relying solely on the borrower's creditworthiness without collateral or asset backing?

<p>Unsecured lending (A)</p> Signup and view all the answers

What are the additional pay provided to employees for working beyond the standard working hours called?

<p>Overtime payments (B)</p> Signup and view all the answers

What is the term for taking a chance with the possibility of winning or losing money, often involving uncertain outcomes?

<p>Gambling (A)</p> Signup and view all the answers

Which financial intermediary facilitates financial transactions between individuals, businesses, and governments?

<p>Banks (C)</p> Signup and view all the answers

What is the cost of borrowing or the reward for saving money expressed as a percentage called?

<p>Interest rates (B)</p> Signup and view all the answers

Which investment option represents ownership units in a company, representing a claim on the company's assets and earnings?

<p>Shares (B)</p> Signup and view all the answers

What is lending where the borrower has given the lender rights over something that has value to support the loan and reduce the lender's risk called?

<p>Secured lending (D)</p> Signup and view all the answers

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