Money Classification Quiz

Full Bodied money, Representative Full bodied money, Credit money

One rupee coin made of silver

Any unit of money whose face value and intrinsic value are equal

<p>Money which is usually backed by a physical commodity or asset</p> Signup and view all the answers

<p>Money can be classified as full bodied money, representative full bodied money, and credit money</p> Signup and view all the answers

<p>The three classifications of money are full bodied money, representative full-bodied money, and credit money.</p> Signup and view all the answers

<p>During the British period, one rupee coin made of silver is an example of full bodied money, where its face value and intrinsic value are equal.</p> Signup and view all the answers

<p>Full bodied money is any unit of money whose face value and intrinsic value are equal, meaning the money value is equal to the commodity value.</p> Signup and view all the answers

<p>Representative full-bodied money refers to money which is backed by a physical commodity, typically precious metal, and can be exchanged for that commodity.</p> Signup and view all the answers

<p>Money can be classified as full bodied money, representative full-bodied money, and credit money based on the relationship between the value of money and the value of money as a commodity.</p> Signup and view all the answers