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Chapter 1. Money And Banking

Question 1 of 3

Q1 . Which is an example of commodity money?

A A. A $20 note

B B. A cheque

C C. Gold

D D. A VND20.000 note

Q2 . How old do you have to be to get a credit card?

A A. 16

B B.17

C C. 18

D D. 19

Q3 . Electronic funds transfer involved:

A A. the transfer of funds from the Federal Reserve to member banks.

B B. the amount of demand deposits held at banks.

C C. making and receiving payments via computers and other automated means.

D D. payment procedure involving the use of the checks.

Q4 . Which of the following statements is correct?

A A. Checking accounts have higher interest rates than savings accounts.

B B. Savings account is a type of bank account that is designed for everyday money transactions.

C C. Checking accounts are better for storing money and earning interest.

D D. Checking accounts are typically used for regular spending and purchases, like paying bills, shopping for groceries, etc.

Q5 . Which one of the following people is the endorser of a check?

A A. The one who writes his or her name on the of the check

B B. The one who originally wrote the check

C C. The one who makes payment on the check

D D. The one who printed the check

Q6 . Which of the following is the best example of how money is used as a store of value?

A A.The real value of currency remains constant over time

B B.The nominal value of currency remains constant over time

C C. The real value of currency changes predictably over time

D D. The nominal value of currency changes predictably over time

Q7 . BACS stands for Bankers Automated _________.

A A. clearing system

B B. storing system

C C. cost system

D D. cheque system

Q8 . Which of the following is not one of the basic functions of money?

A A. A means of calculating real value

B B. A store of value

C C. A standard of deferred payments

D D. A method of saving

Q9 . Which of the following is the best example of how money is used as a medium of exchange?

A A. Exchange rates

B B. Interest rates

C C. Real prices

D D. Nominal prices

Q10 . Many employees receive their salaries directly into their accounts by _______.

A A. BATS payment

B B. BACS payment

C C. BAPS payment

D D. BABS payment

Q11 . Which is the definition of token money?

A A. A useful good that serves as a medium of exchange.

B B. A means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.

C C. The value of token money is about equal to the value of the material contained in it.

D D. The gold coins are examples of token money.

Q12 . What is money of redemption?

A A. The standard money used in the monetary system.

B B. Any medium of exchange that is widely accepted in payment for goods and services.

C C. The basic money of a country, into which other forms of money may be converted and which determines the value of other kinds of money.

D D. None is correct.

Q13 . Why traveller's checks considered as a form of money?

A A. Anyone can buy them

B B. They can widely accepted in payment for goods and services

C C. They are easy to use

D D. They can be replaced if stolen or lost.

From Classroom to Quiz Stardom

When James Wilson first created a quiz on ancient civilizations for his high school history class, he never imagined it would lead to a side career as one of QuizMaker's most successful creators.

Three years and over 200 quizzes later, James's 'History Mysteries' series has amassed more than 2 million plays and a dedicated following of history enthusiasts from around the world.

Finding a Niche in Historical Puzzles

James's approach combines historical accuracy with engaging storytelling and problem-solving elements. 'I wanted to create quizzes that weren't just about memorizing dates and names,' he explains. 'Each quiz tells a story and invites players to solve a historical mystery or puzzle.'

This unique format has resonated with players who might not typically be drawn to history content, helping James build an audience beyond traditional history buffs.

Building a Community Around Historical Content

Beyond creating engaging quizzes, James has built a thriving community through his dedicated social media channels and a monthly newsletter where he shares historical facts, behind-the-scenes research, and previews of upcoming quizzes.

'The community aspect has been the most rewarding part,' James says. 'I receive messages from students saying my quizzes helped them develop a love for history, and from older adults who enjoy testing their knowledge and learning new things.'

Monetization Strategy

While James started creating quizzes as a teaching tool, they've now become a significant source of income. Through a combination of premium quizzes, sponsorships from educational companies, and affiliate marketing for history books and courses, he's been able to generate substantial revenue.

'Last year, my quiz income actually exceeded my teaching salary,' James reveals. 'It's allowed me to reduce my teaching hours and focus more on creating high-quality educational content.'