Finance Unbox-ED ($) - Grade 6-8 - Session 012 - Assessment 1

Select the right order in the evolution of money

• 1) Precious Metal Coins, 2) Barter System, 3) Fiat Currencies, 4) Paper Currencies
• 1) Barter System, 2) Precious Metal Coins, 3) Paper Currencies, 4) Fiat Currencies
• 1) Barter System, 2) Precious Metal Coins, 3) Fiat Currencies, 4) Paper Currencies
• 1) Precious Metal Coins, 2) Barter System, 3) Paper Currencies, 4) Fiat Currencies

Select all the statements that are true

• Double coincidence was one of the problems with the Barter System
• Value of goods to be exchanged was one of the problems with the Barter System
• Barter System sometimes involved the use of currencies
• All of the above

Select all the statements that are true

• Coins were made out of precious metals such as gold and silver
• Coins provided a standardized way to measure the value of goods and services
• Precious metal coins had intrinsic value
• All of the above

Select all the statements that are true

• Paper currencies were adopted by most countries in the 21st century
• Paper currencies were much easier to print than minting coins
• Paper currencies were more portable than coins
• All of the above

Gold standard meant that paper currencies were redeemable against gold at a fixed rate by the countries which issued them

• True
• False

Gold standard worked well for countries even as their economies grew in size

• True
• False

Which was the first country to move away from the gold standard

• UK
• Germany
• USA
• Japan

Select all the statements that are true

• Fiat currencies were adopted by most countries in the 21st century
• Several countries are still to move away from gold standard to fiat currencies
• Fiat currencies are not backed by gold reserves
• All of the above

Select two countries which have the same currency symbol

• China and South Korea
• South Korea and Japan
• South Korea and Vietnam
• China and Japan

Select the most used currency in the world

• Indian Rupee
• EU Euro
• US Dollar
• Japanese Yen