Money

Question 0

What is bartering?

Answer 0

Bartering means swapping goods or services one person has for goods and services another person has

Question 1

What is money ?

Answer 1

Money is anything of value that is widely accepted as payment for goods and services

Question 2

What are the disadvantages of bartering ?

Answer 2

The disadvantages of bartering are :

• there must be a double coincidence i.e both people involved in the barter must have a good or service that the other person needs and wants
• both items in the barter would have to be of equal value .
• the goods would have to be carried around, which would be difficult if they were bulky .

Question 3

What are the characteristics of money?

Answer 3

The characteristics of money are:

• recognisable
• divisible
• valuable
• portable
• scarce

Question 4

What are the characteristics of the euro note?

Answer 4

• each has the word ‘Euro’ written in Greek and Latin
• the initials of the European Central Bank (ECB) are written in five languages
• each note contains the signature of the president of the European Central Bank
• each note has a number of security features to make it difficult for criminals to forge notes.

Question 5

Name the 17 countries in the EU

Answer 5

Austria,Belgium,Cyprus,France,Finland,Greece,Germany,Ireland,Italy, Luxembourg,Malta,the Netherlands,Portugal,Slovenia,Slovakia, and Spain

Question 6

What is the European Central Bank (ECB)?

Answer 6

The European Central Bank (ECB) is the governing body of all European Union Central banks and is responsible for making financial decisions for the European Union (EU)