THE CONCEPT AND DEVELOPMENT OF MONEY Flashcards
surname of Juno the Guardian of the Finances of the Roman Empire.
Moneta
derived from the word “Moneta”
MONEY
Means advise/warn
monere
means change
monnaie
Another term for money, which came from the word “buckins”, meaning deer hides or the medium of exchange used in early times.
Bucks
is generally accepted as the medium of exchange, a measure of value or means of payments.
Money
is commonly defned as anything authorized by law to be generally accepted as legal tender, as a medium of exchange , and a standard value in payment of goods and services without reference to the general standing of the person who ofers it.
Money
consist of denomination of a country’s currency that, by law, must be accepted as a medium for commercial exchange and payment for money debt.
LEGAL TENDERS
where metals are made into coins.
MINT
not legal tenders and are accepted only at the option of the creditor, lender, or seller, also called lawful money.
CHECKS AND POSTAL ORDERS
The hard plastic cards used in everyday exchange transactions in place of actual bank notes are called plastic money.
PLASTIC MONEY
is actual cash made of super resistant polymer flm (instead of paper)
PLASTIC (POLYMER) MONEY
Lighter than coins making it portable.
PAPER MONEY
TYPES OF PLASTIC MONEY:
CREDIT CARD
DEBIT CARD
CASH CARD
PREPAID CASH CARD
paid by the buyers upon purchase.
PREPAID CASH CARD
only allows withdrawal of money through an Authorized Teller Machine (ATM).
CASH CARD
immediately charged to the cardholder’s bank account.
DEBIT CARD
allows owners to buy products on credit, it has a credit limit.
CREDIT CARD
TYPES OF PREPAID CASH CARD:
HIFT CARD
STORE CARD
MULTI-CURRENCY PREPAID CARD
generally issued by a particular store.
STORE CARD
can load up to six diferent currencies.
MULTI-CURRENCY PREPAID CARD
can be given as gifts so that the recipients can choose what they want as a gift.
GIFT CARD
FORMS OF MONEY:
COMMODITY MONEY
CURRENCY (BILLS AND COINS)
CHECK
BANK DRAFT
MONEY ORDER
WAREHOUSE RECEIPTS (WR)
government of any country issues currency that is legal tender in the country.
CURRENCY
used to get what we want, the things we used to pay for such maybe term commodity money.
COMMODITY MONEY
generally used by business and person in conducting businesses, and personal transactions. It is a written order to a bank.
CHECK/CHEQUE
person who issues the check
MAKER OR DRAWER
name written on the face of the check
PAYEE
the bank
DRAWEE
DIFFERENT TYPES OF CHECKS:
CERTIFICATE CHECK
CASHIER’S CHECK
PERSONAL CHECK
TRAVELER’S CHECK
people who travel and who do not want to go into the hassle of exchanging their currency with the currency of the country they are visiting bring them what is known as traveler’s check.
TRAVELER’S CHECK
like a cashier’s check issued by the bank certifying that the account of a person issuing that it has available funds (just like any ordinary personal check).
CERTIFICATE CHECK
treated as a bank draft, is issued by the bank against its own account, ensuring availability of funds to be purchased with a free from a bank that issues the check.
CASHIER’S CHECK
a check issued by companies/business used for business transactions.
BUSINESS CHECK
issued by a person to be drawn against their own current/ checking account in a bank.
PERSONAL CHECK
TYPES OF BANK DRAFT:
● Demand Draft
● Time Draft
● Local Draft
● International Draft
● Automatic Bank Draft (ABD)
document of title to goods used as proof of profession or control of the goods covered by the receipt.
WAREHOUSE RECEIPTS (WR)
issued by banks against their own account.
BANK DRAFT
refers to the instrument issued generally by the post office of a country ordering a sum of money to be paid to the payee indicated on the instrument itself.
MONEY ORDER
