Unit 3 Lesson 1 Refresher

When is the Unit 3 exam scheduled?

• Tuesday afternoon, 12 January 2027

• Monday morning, 13 January 2025

• Wednesday morning, 14 January 2025

• Monday afternoon, 13 January 2024

What must you bring to every lesson according to the class requirements?

• A laptop and a textbook

• A calculator and a folder for notes

• A calculator, pen, paper and folder.

• A calculator and a pen

Why is it important to have a folder for your notes?

• To impress your teacher

• To keep your notes organised

• To store calculators and other tools

• To take up space in your bag

Which of the following is NOT a function of money?

• Provides a unit of account

• Provides a means of exchange

• Provides a form of entertainment

• Provides a store of value

What does money as a 'unit of account' enable us to do?

• Save money for future use

• Trade goods and services

• Place a monetary value on goods and services

• Ensure that money is accepted for payments

When money is used to buy a burger and fries, which function of money is being utilised?

• Legal tender

• Store of value

• Unit of account

• Means of exchange

Why is money considered a 'store of value'?

• Because it is backed by the government

• Because it can be used in the future and keeps its value

• Because it is a legally recognised form of payment

• Because it allows us to compare prices of different goods

Which of the following best describes 'legal tender'?

• Money that can be exchanged for goods or services

• The government’s recognition of money as a valid form of payment

• The ability to save money in a bank account

• The method by which prices are set for goods and services