Question

1.Which one of the following statements is most appropriate regarding transaction made in money?
a)It is the easiest way
b)It is the safest way
c)It is the cheapest way
d)It promotes trade


2.Which one of the following is a modern form of currency?
a)Gold
b)Silver
c)Copper
d)Paper Notes


3.In which of the following systems exchange of goods is done without use of money?
a)Credit system
b)Barter system
c)Banking system
d)Collateral system


4.Banks provide a higher rate of interest on which of the following accounts?
a)Saving account
b)Current account
c)Fixed deposits for long period
d)Fixed deposits for very short period ​

Answer 1

Answer:

1. it is the easiest way

2.paper notes

3.barter system

4.fixed deposits for long period

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Answer 2

The answers to the given questions are stated below:

1. The most appropriate statement regarding the transaction made in money is that it is the easiest way (option a).

The transaction made in money is the easiest way because it gives accuracy to the persons involved in the transaction.

2. Paper notes is a modern form of currency (option d).

In the 21st century, paper notes are the most common way of transactions. But gold, silver and copper are also used in some cases to borrow money for some time for different uses.

3. In the Barter system, the exchange of goods is done without the use of money (option b).

For example, in the barter system, you can exchange wheat for rice instead of buying wheat using paper notes or selling rice to a merchant.

4. Banks provide higher rates of interest on fixed deposits for long period (option c).

The interest increases with time. If the period is longer, the interest paid on the deposit will be high.