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Questions and Answers
What is the primary function of money?
What is the primary function of money?
- To measure economic growth
- To store value
- To redistribute wealth
- To facilitate exchange (correct)
What is the term for the value of money in terms of the goods and services it can buy?
What is the term for the value of money in terms of the goods and services it can buy?
- Exchange rate
- Purchasing power (correct)
- Interest rate
- Inflation rate
What is the process of moving money from one place to another?
What is the process of moving money from one place to another?
- Transfer (correct)
- Savings
- Transaction
- Investment
What is the term for the increase in the general price level of goods and services in an economy over time?
What is the term for the increase in the general price level of goods and services in an economy over time?
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What is the purpose of a budget?
What is the purpose of a budget?
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What is the purpose of saving money?
What is the purpose of saving money?
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Why do people use money?
Why do people use money?
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What happens when prices rise?
What happens when prices rise?
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Why do we need to make choices about how to use our money?
Why do we need to make choices about how to use our money?
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What is the benefit of having a piggy bank?
What is the benefit of having a piggy bank?
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Study Notes
Knowledge Questions
- Definition of Money: Currency used as a medium of exchange for goods and services.
- Forms of Money: Includes coins, paper bills, and digital currency.
- Purpose of Money: Facilitates trade, serves as a unit of account, and acts as a store of value.
- Historical Context: Barter system before money; ancient societies used items like rice or shells.
- Saving Money: Keeping money in a bank to earn interest over time.
- Spending Money: Using money to purchase items or services.
Comprehension Questions
- Understanding How Money Works: Explains how money helps people buy things—it's a common medium accepted by sellers.
- Role of Banks: Describe how banks keep people's savings safe and provide loans.
- Comparison: Distinguish between needs (essentials like food) and wants (non-essentials like toys).
- Influence of Money on Choices: Understand how money affects decisions such as what to buy or save for.
- Importance of Budgeting: Discuss how planning spending helps manage money effectively.
- Impact of Digital Currency: Recognize how online transactions and digital wallets are becoming popular.
Application Questions
- Budgeting Scenario: Calculate how much money is left after spending $10 from a $50 allowance.
- Saving Goals: Create a savings plan to buy a toy worth $30, saving $5 each week.
- Comparison Shopping: Analyze two stores selling a game for different prices, deciding where to buy.
- Understanding Value: If a chocolate bar costs $1 and you have $5, determine how many you can buy and what remains.
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