Forms and qualities of money - Jamb Commerce Past Questions and Answers

Question 11:

• JAMB 2014

A form of money with face value which is greater than the value of the metal content is

A. Legal tender
B. Bank notes
C. Token money
D. Commodity money

Question 12:

• JAMB 2016

The function of money that is mostly affected by inflation is

A. Store of value
B. Medium of exchange
C. Measure of value
D. Unit of account

Question 13:

• JAMB 2016

Which of the following is a legal tender?

A. Cheque
B. Travellers cheque
C. Bank note
D. Goldsmith receipt

Question 14:

• JAMB 2016

Which of the following is NOT backed by gold but by government securites?

A. Fiduciary note
B. Token money
C. Commodity money
D. Fiat money

Question 15:

• JAMB 2016

Petrol voucher is an example of a

A. Bankdraft
B. Legal tender
C. Token money
D. Partial money