Meaning and history/ evolution of money. - SS1 Commerce Past Questions and Answers - page 1
1
What is the main purpose of money?
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A
To store goods and services
B
To serve as a medium of exchange, unit of account, and store of value
C
To represent a claim on a commodity
2
Which of the following was an early form of money?
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A
Shells
B
) Online banking
C
 Cryptocurrency
3
What is fiat money?
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A
Money backed by a commodity
B
Money with intrinsic value
C
Money declared as legal tender by the government
4
What is representative money?
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A
Money backed by a commodity
B
Money with intrinsic value
C
Money declared as legal tender by the government
5
Which form of money relies on people's trust in the government and the economy?
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A
Fiat money
B
Representative money
C
Representative money
7
What is the main difference between commodity money and fiat money?
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