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LIBF Unit 1 topics 1, 2, 3, 4, 5 & 6. Full exam review. Rated A+ CA$15.11   Add to cart
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LIBF Unit 1 topics 1, 2, 3, 4, 5 & 6. Full exam review. Rated A+
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LIBF Unit 1 topics 1, 2, 3, 4, 5 & 6. Full exam review. Rated A+ Acceptable - -One of the key features of money - to be widely accepted. Barter - -To exchange goods and services for other goods and services without using money. Current account - -Bank or building society accounts where p...

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  • February 21, 2023
  • 13
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • libf unit 1 topics 1
  • 2
  • 3
  • 4
  • 5 amp 6 full exam review rated a acceptable one of the key features of money to be widely accepted barter to exchange goods and services for other goods

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LIBF Unit 1 topics 1, 2, 3, 4, 5 & 6. Full
exam review. Rated A+

Acceptable - ✔✔-One of the key features of money - to be widely accepted.



Barter - ✔✔-To exchange goods and services for other goods and services without using money.



Current account - ✔✔-Bank or building society accounts where people can store their money in the
form of electronic balances and withdraw it to make payments.



Denomination - ✔✔-A group of coins or notes that share the same face value.



Divisible - ✔✔-A key feature of money - to be easily divided into amounts of different value.



Double coincidence of wants - ✔✔-A situation in which two people have goods or services to trade and
each wants what the other person can provide.



Durable - ✔✔-A key feature of money - to be strong enough to be reused in many transactions.



Face value The value marked on a coin or note (eg 1p, 2p, 5p, £5, £10). - ✔✔-



Fiduciary value - ✔✔-Value based on trust in the banking system.



Homogeneous - ✔✔-A key feature of money - to look and feel the same as other coins and notes of the
same denomination.



Inflation - ✔✔-A rise in prices, which means that the purchasing power of money falls.

, Intrinsic value - ✔✔-The value that an item has in itself, eg a bag of rice has intrinsic value because it is a
staple food; a solid gold coin has intrinsic value because it is made of a precious metal; a banknote does
not have intrinsic value because it is a piece of paper.



Legal tender - ✔✔-Coins or banknotes that must be accepted if offered in payment of a debt.



Means of exchange - ✔✔-A function of money - to allow people to make payments.



Money - ✔✔-Anything widely accepted as a means of making payments.



Payment mechanism - ✔✔-A means of transferring money from one account to another eg debit card,
cheque.



Portable - ✔✔-A key feature of money - to be small and light enough to carry around easily.



Purchasing power - ✔✔-The quantity of goods or services that money can buy.



Rate of exchange - ✔✔-How much one item is worth in terms of a different item, eg one bag of flour is
worth four nails, one British pound is worth 1.5 euros, etc.



Recognisable - ✔✔-A key feature of money - to be easily identified as genuine money.



Representational value - ✔✔-The value that an item represents rather than the value it has in itself: a
banknote is just a piece of paper but it represents the value that is printed on it.



Scarce but sufficient - ✔✔-A key feature of money - to be available in sufficient quantities to meet
people's needs but not in such quantities that the value of money falls.



Store of value - ✔✔-An attribute of money that allows people to store money now and spend it later.

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