Revision Flashcards
What is money?
Common medium used primarily for exchanging goods and services
What is currency?
The money used in a country.
What is cash?
Notes and coins
What does barter mean?
Exchanging of goods / services without using money.
What is a market?
A place where buyers and sellers come together to exchange goods and services.
Why do people need money?
- Money is used as a common medium to exchange goods and services.
- Money enables people to improve their standard of living.
What is a cheque?
A written order that instructs a client’s bank to pay money into the account of the person / business enterprise to whom the cheque is made out.
What is a debit card?
Instead of paying with notes and coins, consumers can also pay with a debit card. Money is withdrawn form the buyer’s account and paid over to the merchant’s account immediately.
What is travellers’ cheques?
Designed to enable travellers to buy goods in foreign countries.
What is credit cards?
A credit card entitles its holder to buy on credit up to a certain limit when there is no money in the credit card account.
