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The Role of Money and Numismatics Quiz

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Questions and Answers

What was the primary reason for the use of coins made by the Lycan people in 700 BC?

To express prices of goods and services

To facilitate exchange in a more convenient form (correct)

To establish a standard of postponed payment

To make bartering more efficient

What is the purpose of money according to the text?

To make electronic payments

To create credit cards

To replace bartering (correct)

To facilitate traditional societies

Why was bartering not always practical in traditional societies?

People were not open to exchanging goods

Wild animals were scarce in those societies

It was difficult to determine the value of goods (correct)

Most people preferred hunting over trading

What distinguished hunter-gatherers living in traditional societies according to the text?

They relied on food from wild animals and plants Signup and view all the answers

How did electronic banking impact traditional banking services according to the text?

It reduced banking charges and improved convenience Signup and view all the answers

What was one key function of banks like ABSA, FNB, Standard Bank, and Nedbank according to the text?

Offering services to customers Signup and view all the answers

What is the role of money primarily described as in the text?

A means of exchanging goods and services Signup and view all the answers

What was one key challenge faced in the bartering system according to the text?

Difficulty in determining the value of goods Signup and view all the answers

In traditional societies, what was the main method of acquiring goods described as?

Hunting wild animals for sustenance Signup and view all the answers

Why were coins preferred over bartering in ancient times according to the text?

Coins were easier to carry and exchange Signup and view all the answers

What technological advancement revolutionized banking services according to the text?

Introduction of electronic banking Signup and view all the answers

What key element did coins introduce that was absent in traditional bartering systems?

Standardized unit of value Signup and view all the answers