1) Barter is an inefficient way of trading because it requires: a) a double coincidence of wants b) one of the traders to have a surplus c) a marketplace big enough for lots of goods to be traded 2) Forms of money that are worth something in their own right have: a) fiduciary value b) intrinsic value c) no value 3) Using items of intrinsic value as money can be a problem because: a) they are difficult to find b) they are too heavy to carry around c) they do not have a constant value 4) Paper banknotes have: a) absolute value b) representational value c) intrinsic value 5) Match the characteristics of money to the following examples: A. A pound coin can be used anywhere in the UK to pay for goods a) Recognisable b) Divisible c) Durable d) Portable 6) B. If a chocolate bar costs 70p but you only have a £2 coin you can use that coin and get change a) Recognisable b) Durable c) Divisible d) Portable 7) C. Coins last for many years a) Recognisable b) Divisible c) Durable d) Portable 8) D. Banknotes are light and fit easily into a wallet a) Portable b) Divisible c) Durable d) Recognisable 9) Money needs to be recognisable and homogeneous in order to be: a) accepted b) long-lasting c) a store of value 10) The term 'legal tender' means that banknotes and coins are genuine and not fakes. a) True b) False 11) When people accept money as payment for goods and services it is an example of money acting as a: a) store of value b) standard of deferred payment c) means of exchange 12) Inflation means that: a) money loses value over time b) banks add interest to your savings account c) prices fall from one year to the next 13) Evie wants a bank account that will enable her to make payments. Which type of account does she require? a) mortgage account b) current account c) high-interest account 14) Borrowers compensate lenders by paying them interest. a) True b) False 15) A current account will generally offer a higher rate of interest than a savings account. a) True b) False 16) The same goods can cost different prices in different countries. a) True b) False 17) Each person's life cycle: a) follows the same pattern of events as everyone else's. b) has events and an order that is specific to that person. c) depends only on who their parents are and when they are born. 18) In childhood most people are: a) financially dependent on others. b) able to fend for themselves in most areas. c) largely independent. 19) A person is most likely to be able to pay off their mortgage in which life stage? a) Death b) Young adult c) Middle to late middle age 20) Young adults may have to delay buying a property to live in because: a) it is illegal for them to borrow money. b) it is safer for them to live with their parents. c) their income is too low. 21) People who are risk-averse: a) like risk. b) do not react to risk. c) avoid risk. 22) Smoking is an example of: a) an emotional risk. b) a physical risk. c) a reputational risk. 23) Demographic changes mean changes in the: a) size and structure of the population. b) wealth and resources of a community. c) way in which individuals interact with each other. 24) During an economic boom the number of people unemployed is likely to: a) fall. b) rise. c) stay the same. 25) People retiring now may need an income for more than 10 years because of: a) poorer health. b) increased life expectancy. c) rising unemployment. 26) Career mobility means that people: a) are willing to move home to get a better job. b) have to travel longer distances to work these days. c) can do several different jobs during their working lives. 27) People save money for items they aspire to buy in the future. a) True b) False 28) Compulsory schooling ends at age 18 for children across the globe. a) True b) False 29) Interest rate rises are good news for savers. a) True b) False 30) Cash is: a) ideal for transactions over the internet b) ideal for small purchases, such as a bar of chocolate in a local shop c) safer than a cheque or bank draft for large transactions 31) An instruction to a provider to make regular payments from an account is called a: a) mandate b) payment order c) debit advice 32) An automated payment that pays the same amount every month is called a: a) direct debit b) standing order c) cheque 33) A key advantage of using PayPal is that: a) buyers don't need a current account b) buyers are more likely to secure the items they want in online auctions c) buyers can make payments online without giving sellers their current account details 34) A cheque is the most appropriate payment method for: a) completing a house purchase b) paying for the weekly food shop in the supermarket c) paying the window cleaner 35) Which of the following cannot be used to buy goods over the internet? a) credit card b) debit card c) cash card 36) Paying by debit card means that: a) you will not have to pay for the goods until you receive a statement b) the payment will be taken from your bank account quickly c) you will earn loyalty points from the retailer 37) An Oyster card can be used instead of cash to make payments abroad. a) True b) False 38) The key advantage of using a contactless card is that: a) the transaction can be made quickly b) you never need to remember your PIN c) you can exceed your overdraft without your card provider finding out 39) A Visa or MasterCard debit card issued in the UK can be used to make payments in other countries. a) True b) False 40) Direct debits are only suitable for paying the same amount each month. a) True b) False 41) Some people find that paying by cash helps them to budget. a) True b) False 42) The Faster Payments Service is a same-day automatic payment system used for very high-value payments. a) True b) False
Year 12 units 1-3
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