Functions of money - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 2019

Which function of money is described in the following statement?
It serves as a medium through which business transactions are carried out

A. Standard for deferred payments
B. Medium of exchange
C. Store of value
D. Unit of account

Question 3:

• JAMB 2001

The significance of money to modern economic system is that it?

A. Is used as a means of payment
B. Promotes specialization and exchange
C. Measures value and promotes exchange
D. Causes inflation in the economy

Question 4:

• JAMB 2018

Money is generally acceptable for transaction due to

A. The rule of the law
B. Its acceptability in the global market
C. The legal backing
D. The central bank’s Governor’s signature