The Role Of Money Flashcards
Why was money developed?
To have a medium of exchange
What items were used as money?
Shells, beads, arrowheads, fish hooks, gold, and animal teeth
What are credit cards?
Credit company pays for goods and services while consumers make payments to the credit company
What are debit cards
Payment for goods through access to the customers bank account
What are cheques
Payment represented on paper to be taken from the consumers bank account
What is electronic transfer?
Funds are transferred from one bank account to another via computer
What is tele-banking
The use of telephones to manage bank accounts to make payments
What is e-commerce
the use of the internet to make purchases
What is a bill of exchange
An document from one person to another that requires them to pay a specified sum of money to a designated person
What is a money order
A certificate usually issued by governments and banking institutions that allows the stated payee to receive cash on demand.
What is a bank draft
A cheque which you can buy from a bank in order to pay someone who is not willing to accept a personal cheque
What is a telegraphic transfer
An electronic method of transferring funds, used for overseas wire transactions
What is a bank transfer?
When money is sent from one bank account to another.
What is M-Money/Mobile Money and Mobile wallets?
An electronic wallet service that lets users store, send and receive money using mobile phones
What are the characteristics of money?
Durable, acceptable, exchangeable, divisible, scarce, portable, homogenous
Daniel and Elijah did something poorly here
