Functions of Money and Physical Currency Security

HandsDownBegonia avatar
HandsDownBegonia
·
·
Download

Start Quiz

Study Flashcards

16 Questions

Which term refers to the value of assets owned?

Wealth

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

Full-time employment

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

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

Salary

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

Wage

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

Watermarks, holograms, and unique serial numbers

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

National minimum wage

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

Savings accounts

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

Risk vs reward

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

Unsecured lending

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

Overtime payments

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

Gambling

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

Banks

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

Interest rates

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

Shares

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?

Secured lending

Explore the functions of money, including its role as a medium of exchange, unit of account, and store of value. Learn about the features and security measures of banknotes and coins, such as watermarks, holograms, and unique serial numbers. Gain insights into income sources and types of employment.

Make Your Own Quizzes and Flashcards

Convert your notes into interactive study material.

Get started for free
Use Quizgecko on...
Browser
Browser