Money and financial institutions

Question 1 of 10

Money as a store of value means it

A. is used to pay debts later B. is used to compare prices C. can be saved for future use D. is exchanged for goods

Question 2 of 10

Which institution issues Ghana's currency?

A. Ghana Revenue Authority B. GCB Bank C. Bank of Ghana D. Ministry of Trade

Question 3 of 10

Inflation reduces the effectiveness of money as a

A. store of value B. medium of exchange only C. measure of length D. unit of weight

Question 4 of 10

Barter is

A. saving money B. buying with money C. borrowing from a bank D. the direct exchange of goods for goods

Question 5 of 10

The bank that acts as the lender of last resort is the

A. central bank B. commercial bank C. rural bank D. savings and loans company

Question 6 of 10

Money supply M1 typically includes

A. currency in circulation and demand deposits B. treasury bills only C. gold reserves D. foreign currency held abroad

Question 7 of 10

Under barter, trade is difficult mainly because of the need for

A. interest rates B. a central bank C. paper money D. a double coincidence of wants

Question 8 of 10

A rural bank mainly serves

A. farmers and rural communities B. foreign governments C. only big companies D. the central bank

Question 9 of 10

The Ghana Stock Exchange is located in

A. Accra B. Kumasi C. Takoradi D. Tamale

Question 10 of 10

Money used to compare the values of different goods is serving as a

A. store of value B. unit of account C. standard of deferred payment D. medium of exchange

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New set of questions

Questions written by OtisamLMS in the style of the WASSCE. They are not WAEC past questions.

Past questions, worked solutions and curriculum-mapped study material for JHS and SHS students and teachers in Ghana.

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