Topic 1 0.0 / 5 ? Business StudiesFinancial PlanningASOther Created by: sianrobertsxCreated on: 26-09-18 12:32 Acceptable: One of the key features of money-to be widely accepted 1 of 25 Barter: To exchange goods and services for other goods and services without using money 2 of 25 Current account: Bank or building society accounts where people can store their money in the form of electronic balances and withdraw it to make payments 3 of 25 Denomination: A group of coins or notes that share the same face value 4 of 25 Divisible: A key feature of money- to be easily divided into amounts of different value 5 of 25 Double coincidence of wants: A situation in which two people have goods or services to trade and each wants what the other person can provide 6 of 25 Durable: A key feature of money-to be strong enough to be reused in many transactions 7 of 25 Face value: The value marked on a coin or note 8 of 25 Fiduciary value: Value basedo n trust in the banking system 9 of 25 Homogeneous: A key feature of money-to look and feel the same as other coins and notes of the same denomination 10 of 25 Inflation: A rise in prices, which means that the purchasing power of money falls 11 of 25 Intrinsic value: The value that an item has itself 12 of 25 Legal tender: Coins or banknotes that must be accepted if offered in payment of a debt 13 of 25 Means of exchange: A function of money-to allow people to make payments 14 of 25 Money: Anything widely accepted as a means of payment 15 of 25 Payment mechanism: A means of transferring money from one account to another 16 of 25 Portable: A key feature of money-to be small and light enough to carry around easily 17 of 25 Purchasing power: The quantity of goods or services that money can buy 18 of 25 Rate of exchange: How much one item is worth in terms of different items 19 of 25 Recognisable: A key feature of money-to be easily identified as genuine money 20 of 25 Representational value: The value that an item represents rather than the value it has in itself 21 of 25 Scarce but sufficent: A key feature of money – to be available in sufficient quantities to meet people’s needs but not in such quantities that the value of money falls 22 of 25 Store of value: An attribute of money that allows people to store money now and spend it later 23 of 25 Transaction: Buying or selling something 24 of 25 Unit of account: A function of money – to allow people to compare prices and to measure the value of money in a bank account 25 of 25
Comments
No comments have yet been made