Question

Q.1 Read the passage given below. 10 marks

Tell someone that you are going to a convention of accountants and you might get a few yawns,

yet money and how it works is probably one of the most interesting things on earth. It is

fascinating and almost magical, how money appeared on our planet. Unlike most

developments we enjoy, which can be traced back to a source, civilization or inventor, money

appeared in places then unconnected all over the world in a remarkably similar way. Consider

the American Indians using Wampum, West Africans trading in decorative metallic objects

called Manillas, and the Fijians economy based on whale’s teeth, some of which are still legal

tender; add to that shells,amber,ivory, decorative feathers, cattle including oxen& pigs, a large

number of stones including jade and quartz, which hav all been used for trade across the world,

and we get a taste of the variety of accepted currency.

There is something charming and childlike imagining primitive societies, our ancestors, using

all these colourful forms of money. As long as everyone concerned can agree on a value, this

is a sensible thing for a community to do. After all, the person who has what you need might

not need what you have to trade. Money solves that problem neatly. Real value with each

exchange, and everyone gaining from the convenience. The idea is really inspired, which might

explain why so many diverse minds came up withit. Once the money is accepted as a form of

exchange, those who produce, loan out and manipulate the quantity of money are obviously in

a very strong position. They are the “ Money Changers”.

“History records that the money changers have used every form of abuse, intrigue, deceit and

violent means possible to maintain their control over governments by controlling money and

its issuance.” said President James Madison.

Money, money, money, it’s always just been there, right? Wrong. Obviously, it’s issued by the

government to make it easy for us to exchange things. Wrong again!

Truth is, most people don’t realize that the issuing of money has been a major bone of

contention throughout history.

On the basis of your understanding of the passage, answer ANY TEN questions from the

twelve that follow:

i. What is fascinating and almost magicala. Convention of Accountants b. Evolution of Money c. Yawning d. All of it.

ii. What is unique about the development of money?

a. It can be traced back to a source b. it has an inventor

c. It appeared in unconnected places in a similar way.

d. it was developed in ancient civilization

iii. Which currencies did the West African use ?

a. Manillas b. Wampum c. Whale’s Teeth d. Decorative Feathers

iv. What is still a legal tender in the Fijian Economy?

a. Cattle b. Jade and Quartz c. Shells and Ivory d. Whale’s Teeth

v. What is something charming and childlike to imagine?

a. Use of colourful forms of money b. People living in Primitive Societies

c. Our ancestors agreeing on common values d. All of the above

vi. Who are the “ Money Changers”?

a. People who loan out money. b. People who manipulate the quantity of money

c. People who produce money d. All of the above

vii. What did President James Madison say about the money changers?

a. They use violent methods to maintain control over the issuance of money.

b. They change money from time to time.

c. They work under the government’s control.

d. They are polite and peaceful people.

viii. Who controls the issuance of money?

a. Government b. Money Changers

c. President James Madison d. Kings and their ministers

ix. What is meant by the word, “concentration”? (para 1)

a. Conference b. Fair c. Wave d. Competition

x. What is meant by the word, “fascinating”? (para 2)

a. beautiful b. valuable c. attractive d. republic

xi. What is meant by “convenience”?

a. comfort b. escape c. clown d. transport

xii. What is meant by the word,”intrigur”?

a. plot b. interest c. interval d. fear​

Answer 1

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