1. What is money?
Topic 3

2. What is Money?
How did people originally pay for goods before money? Barter, credit, negotiations
Money is not only cash but anything that is accepted as payment? True or false
What is a factory called that produces money? Press, mint, bank
What are problems with bartering? People need to want what you want, items need to be the same value or both of these
The word money is named after a goddess from which civilization? Egyptian, Greek, Roman (Juno Moneta)
When was the first penny issued in England? 785 AD, AD AD
The first pound note was printed on one side and could be exchanged for one pound of silver at the Bank of England and was introduced in 1725, although the first bank note was issued in True or False
Our new currency introduced in 1971 is called decimalisation as it is based on units of?
The first banks were set up on benches. Bakki comes from which language? Greek, Norse, Italian
Which 2 of the following are not British bank notes? £1 £5 £10 £20 £50 £100
11. All British bank notes say “I promise to pay the bearer on demand the sum of ..” Who males this
promise? The Chancellor of the Exchequer, Governor of the Bank of England, Prime Minister
12. How is most money held in England? Cash or electronic balances on screen
13. We are moving to cashless society. Does spending money this way result in us spending more or less than when we use cash?
14. What is the new online currency known as? Bitcoin, e-coin, i-coin, smartcoin

3. Current account > Holland Overdraft > Scotland
Money Quiz (2)
What year did Britain get decimalisation?
Which is more often forged coins or notes?
When was money first thought to be used? 2000 BC BC 10 AD
What does the Bank of England hold to back up the value of its currency?
What was often used in prisons as a currency? Cigarettes, gold, silver
What is barter? Swapping goods of equal value or setting interest rates
Where is all British currency minted or printed? Bank of England or Royal Mint
What civilisation did the word money cobe from? Egyptian or Roman
When was the first British Bank notes introduced? 1253, 1694, 1850
Which countries first introduced the first current account and which the first overdraft? Holland, Italy, Scotland, Norway
What type of account has been introduced for poor families in the UK? Basic account, help account, postage account
Gold
Current account > Holland Overdraft > Scotland

4. Money has three main purposes, as follows.
It is a form of payment or medium of exchange.
It is a unit of account, allowing us to keep track of how much things are worth.
It is a store of value: it can be held, and then reliably used to pay for goods and services when we need them.
The main purpose of money is to transfer value from one person to another.
3.4 The features of money
Coins and notes need to have certain features to function well as money.
They must be:
􀀀 easily recognised by everyone;
􀀀 easy to carry around;
􀀀 not easily available;
􀀀 available in different amounts;
􀀀 consistent in what they are worth; and
􀀀 long-lasting/hard-wearing.

5. British banknotes have a range of anti-counterfeiting measures embedded into them, to make forgeries more difficult. These security features include:
􀀀 raised print;
􀀀 watermarks;
􀀀 holograms;
􀀀 fluorescent ink; and
􀀀 a combination of traditional and computer-based printing methods.
Money can be transferred from one account to another to make payments to other people or to companies. This can be done by:
􀀀 direct debit, in which case the company takes whatever is owed at the time of invoicing;
􀀀 standing order, in which case you set up a regular payment of a fixed amount; or
􀀀 electronic transfer, in which case you pay money directly from your bank account as necessary.

6. Money has three main purposes, as follows.
It is a form of payment or medium of exchange.
It is a unit of account, allowing us to keep track of how much things are
worth.
It is a store of value: it can be held, and then reliably used to pay for
goods and services when we need them.
Coins and notes need to have certain features to function well as money.
They must be:
easily recognised by everyone;
easy to carry around;
not easily available;
available in different amounts;
consistent in what they are worth; and
long-lasting/hard-wearing.
British banknotes have a range of anti-counterfeiting measures embedded into them, to make forgeries more difficult. These security features include:
raised print;
watermarks;
holograms;
fluorescent ink; and
a combination of traditional and computer-based printing methods.

7. In order for money to work properly, it has to have a number of distinctive features that make it possible and effective to use. These Features are
portability,
durability
holding value.
Extra Questions
What is the difference between a standing order and a direct debit?
How does the Bank of England stop counterfeiting?
What are the features of money?

8. Key terms
Barter
Cashless society
Counterfeiting
Credit
Credit card
Debit
Debit card
Denomination
Direct debit
Income
Investment
Mint
Money
Pension
Salary
Standing order
Transfer
Wage

10. What is Money?
How did people originally pay for goods before money? Barter, credit, negotiations
Money is not only cash but anything that is accepted as payment? True or false
What is a factory called that produces money? Press, mint, bank
What are problems with bartering? People need to want what you want, items need to be the same value or both of these
The word money is named after a goddess from which civilization? Egyptian, Greek, Roman (Juno Moneta)
When was the first penny issued in England? 785 AD, AD AD
The first pound note was printed on one side and could be exchanged for one pound of silver at the Bank of England and was introduced in 1725, although the first bank note was issued in True or False
Our new currency introduced in 1971 is called decimalisation as it is based on units of?
The first banks were set up on benches. Bakki comes from which language? Greek, Norse, Italian
Which 2 of the following are not British bank notes? £1 £5 £10 £20 £50 £100
11. All British bank notes say “I promise to pay the bearer on demand the sum of ..” Who males this
promise? The Chancellor of the Exchequer, Governor of the Bank of England, Prime Minister
12. How is most money held in England? Cash or electronic balances on screen
13. We are moving to cashless society. Does spending money this way result in us spending more or less than when we use cash?
14. What is the new online currency known as? Bitcoin, e-coin, i-coin, smartcoin