Types and forms of money. - SS1 Commerce Past Questions and Answers - page 1
1
Which type of money has intrinsic value as a tangible commodity?
A
Commodity money
B
Representative money
C
Fiat money
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2
What is representative money?
A
Money backed by a commodity
B
Money representing a claim on a commodity
C
Money declared as legal tender by the government
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3
What gives fiat money its value?
A
Intrinsic value
B
Government declaration as legal tender
C
Backing by a commodity
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4
Which form of money exists in physical form, such as coins and banknotes?
A
Commodity money
B
Fiat money
D
Representative money
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5
What is cryptocurrency?
A
Digital currency issued by the government
B
Decentralized digital currency using cryptography
C
Electronic money used for online transactions
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6
How does representative money differ from fiat money?
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7
What distinguishes physical cash from digital currency?
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