Grade 7 EMS Term 1 Quiz 2025 SPC

What system did people use before money existed?

• Credit system

• Bartering

• Online payments

• Banking

Which of the following was used as a form of money in ancient times?

• Gold and silver

• Paper and plastic

• Diamonds and jewelry

• Oil and coal

What is one disadvantage of bartering?

• It is easy to trade with anyone

• People can only trade items they don’t need

• It requires a double coincidence of wants

• It allows for banking systems to develop

Why was paper money introduced?

• It was lighter and easier to carry than coins

• It was made of gold

• It was only for the wealthy

• It was harder to counterfeit

What does 'medium of exchange' mean in terms of money?

• Money can be stored for later use

• Money is used to trade goods and services

• Money has no real value

• Money loses its value over time

True or False: Digital payments are a modern form of money.

What is a need?

• Something we can live without

• Something necessary for survival

• Something people want but don’t require

• Something only the wealthy can afford

Which of these is a basic need?

• A holiday trip

• A smartphone

• Food

• A television

What is a want?

• Something we need for survival

• Something we desire but can live without

• Something only rich people can have

• Something provided by the government

True or False: All people have the same needs and wants.