WorksheetCloud.
com - Question Sheet 3
Subject: Grade 7 Economic and Management Sciences Name:
Topic: History of money
Total: 31 Marks Date:
Question 1: Please Fill In The Blanks 4 marks
A characteristic of any item to be used as money is that the item must be (1) which means to last a long
time. In addition, it must also be (2) or in other words easy to carry around.
Possible Answers: scarce | durable | portable | fragile
1 2
Question 2: Please Fill In The Blanks 4 marks
A (1) developed as a trading post for people from one area to meet and exchange (2) with people from
another area.
Possible Answers: market | retail outlet | ideas and opinions | goods and services
1 2
Question 3: Multiple Choice 4 marks
Which of the following statements is true?
A Barter stopped as soon as money was invented.
B Under the barter economy traders were protected by the Consumer Protection Act.
C Barter economy was a step forward from subsistence economy.
D Barter means goods were only exchanged for goods; services were only exchanged for services.
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This image refers to question: 4
Question 4: True/False 2 marks
In a subsistence economy people produce surplus goods to enable trade with others.
TRUE FALSE
Question 5: True/False 2 marks
In traditional subsistence economies divison of labour did not exist.
TRUE FALSE
Question 6: True/False 2 marks
Barter means an exchange with or without money.
TRUE FALSE
Question 7: Text Input 3 marks
What is the term for the image within a banknote which is visible when held up to the light and is a
security measure?
Answer with one word only.
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Question 8: Please Fill In The Blanks 4 marks
(1) promissory note is a note that does not carry a specific maturity date, but is due on demand of the (2) .
Possible Answers: Lender | Demand | Simple | Borrower
1 2
Question 9: True/False 2 marks
A subsistence economy is a society where people buy all the things that they need for their survival.
TRUE FALSE
Question 10: Multiple Choice 4 marks
Which of the following is a benefit of the barter system?
A The value of items can clearly be measured against each other.
B If an excess of one good exists, trading could be done for other goods and services needed.
C Goods and services are given a specific value.
D Large scale production occurs.
Total: 31 Marks
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