Paper Money

Question 1

What are banknotes?

Answer 1

A type of currency that represents value.

Question 2

What do people get paid with when they are down certain jobs or sell commodities of value?

Answer 2

Currency

Question 3

What does the money people get paid for doing a job represent?

Answer 3

The work they have done or the commodity they have sold.

Question 4

What are people trading when they use their salaries to buy goods?

Answer 4

They are actually trading their labor.

Question 5

So we say that paper money is_______.

Answer 5

Representative

Question 6

What does paper money represent and what isn’t it?

Answer 6

It represents how much wealth you have in the bank, it’s not worth anything in itself

Question 7

What is representative money?

Answer 7

Money such as paper money that represents the money you have in your bank.

Question 8

When did the Europeans start using banknotes?

Answer 8

14th century

Question 9

When did the Chinese start using banknotes?

Answer 9

In the 7th century

Question 10

What did they use to make it easier for them instead of carrying bags of coins?

Answer 10

Paper money in the form of promissory notes and banknotes.