From Barter to Money - Case Quiz (Class 7)

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Money and trade basics

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Mishita Saini

India

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From Barter to Money - Case Quiz (Class 7)


From Barter to Money - Case Quiz (Class 7)Versión en línea Money and trade basics por Mishita Saini 1 Why did barter become difficult as trade expanded? a Because money was scarce. b Because people forgot how to trade. c Because prices kept changing daily d Because finding someone who wants what you offer and who offers what you want (double coincidence of wants) became difficult. 2 What is meant by double coincidence of wants? a A payment system requiring two currencies b The situation where two parties each have an item the other wants. c A market condition where prices double. d A barter system with two traders trading simultaneously. 3 Name any two early items used as money. a Pottery and grains b Grains and cowrie shells c Cowrie shells and gold coins d Grains and silver bars 4 Give one reason cowrie shells became popular as money. a They were heavy and durable. b They were very valuable. c They were rare and hard to counterfeit d They were widely accepted as a medium of exchange. 5 How did money improve trade? a It eliminated the need for trade entirely. b It reduced the need for double coincidence of wants and provided a common medium of exchange. c It created more coins than needed d It made bartering illegal. 6 Why were metal coins more convenient than grains? a They were stronger and easier to carry/use. b They were cheaper to produce. c They spoiled quickly like grains d They tasted better. 7 How did paper money help in big transactions? a It was more durable than coins. b It was lighter and useful for large purchases. c It required carrying large numbers of coins d It could not be counterfeit. 8 Mention two modern forms of money. a Digital money and mobile payments b Barter goods and shells c Paper money and coins d Gold and silver coins 9 Why are digital payments considered quick? a Because they require many bank approvals. b Because transactions can be completed instantly. c Because they take longer to process. d Because they are usually slower than cash 10 Is digital money safer than cash? Give one reason. a Yes, because it is completely immune to fraud. b No, it cannot be tracked at all c Yes, because it reduces the risk of physical theft or loss. d No, it is always more risky. 11 How is money a medium of exchange? a It restricts purchases to certain items b It measures the temperature of markets. c It stores data about trade history. d It is accepted everywhere to buy and sell. 12 What does measure of value mean? a It creates stock values. b It provides a common standard to compare prices. c It determines interest rates. d It designs coin shapes 13 Why is money better for saving? a It can be saved for future use and does not spoil like some goods. b It cannot be stored safely. c It must be spent immediately d It loses value quickly. 14 How does money solve the spoilage problem? a By storing value over time instead of rotting like perishables. b By increasing spoilage. c By requiring physical storage only. d By spoiling faster than other goods 15 Give one example of how money makes daily life easier. a It prevents buying everyday items b It requires more workers to process. c It makes everyday purchases easier. d It complicates transactions. 16 Why do some shopkeepers still choose cash? a To avoid technical problems and get immediate access to money. b Because cash prevents refunds c Because cash is always safer. d Because digital payments are illegal. 17 State one advantage of digital payments mentioned in the passage. a They require more physical storage. b They are slower than cash. c They are fast (organised and reduce handling of physical currency). d They are always free of charge 18 Mention any one concern related to digital payments. a No disadvantages are mentioned. b They are always secure. c Concerns about system errors or security. d They are universally accepted without issues 19 UPI stands for____________ a Unified Payments Interface b Universal Payment Initiative c Unified Physical Internet d Ultimate Processing Interface 20 Name one digital payment method. a Gold coins b Bank Cheque c UPI d Cash

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From Barter to Money - Case Quiz (Class 7)

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From Barter to Money - Case Quiz (Class 7)Versión en línea

por Mishita Saini

Why did barter become difficult as trade expanded?

What is meant by double coincidence of wants?

Name any two early items used as money.

Give one reason cowrie shells became popular as money.

How did money improve trade?

Why were metal coins more convenient than grains?

How did paper money help in big transactions?

Mention two modern forms of money.

Why are digital payments considered quick?

Is digital money safer than cash? Give one reason.

How is money a medium of exchange?

What does measure of value mean?

Why is money better for saving?

How does money solve the spoilage problem?

Give one example of how money makes daily life easier.

Why do some shopkeepers still choose cash?

State one advantage of digital payments mentioned in the passage.

Mention any one concern related to digital payments.

UPI stands for____________

Name one digital payment method.