Functions and Role of Money

Money that is left over once all of your bills and outgoings have been paid is called disposable income

• True

• False

It allows us to place a monetary value on goods and services

• Means of exchange

• Unit of Account

• Store of Value

• Legal Tender

It allows us to trade

• Means of exchange

• Unit of Account

• Store of Value

• Legal Tender

A unit of account allows us to place a .................... value on goods and ................

• estimated/products

• monetary/services

• certain/products

• monetary/products

Legal Tender is a legally recognised form of payment

• True

• False

Something that a business owns or is owed

• Asset

• Cost

• Liability

• Overdraft

Which of these is not true of bankruptcy?

• Effects ability to achieve future credit

• Loss of all assets

• Can lead to a damaged reputation

• Can still become a director of a company

What is your credit rating based on?

• History

• Earnings

• Other debt

• All of these

When you have enough assets to cover your liabilities you are .....

• Solvent

• Insolvent

• Bankrupt

• None of these

Which of these would not be an asset?

• Car

• Van

• Overdraft

• Debts owed to you