Quiz Detail

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.

Chapter 1. Money And Banking