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?
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A
Commodity money
B
Representative money
C
Fiat money
2
What is representative money?
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A
Money backed by a commodity
B
Money representing a claim on a commodity
C
Money declared as legal tender by the government
3
What gives fiat money its value?
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A
Intrinsic value
B
Government declaration as legal tender
C
Backing by a commodity
4
Which form of money exists in physical form, such as coins and banknotes?
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A
Commodity money
B
Fiat money
C
Representative money
5
What is cryptocurrency?
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A
Digital currency issued by the government
B
Decentralized digital currency using cryptography
C
Electronic money used for online transactions
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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