Lesson T4.1.1
T4.1.1 The functions and uses of money Quiz: KS3 Citizenship, Unit 4
20 questions
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Lesson T4.1.1, The functions and uses of money: 20 multiple choice questions for the KS3 Citizenship (National Curriculum), Unit 4: Money and risk, written with Revision Ninja.
Host it live on the board and students join with a game code on their own devices, or revise alone with Free Play. The answers are revealed in the game.
The 20 questions
-
What is the primary function of money in an economy?
- Debt creator
- Barter system
- Inflation driver
- Medium of exchange
-
What major trade problem does money solve compared with barter?
- Transaction fees
- Exchange rates
- Double coincidence
- Inflation rates
-
What does it mean when money acts as a store of value?
- It can be saved
- It never loses worth
- It earns interest
- It is physical cash
-
Which term describes money providing a common measure for pricing goods?
- Unit of account
- Store of value
- Legal tender
- Barter medium
-
What term describes a general rise in prices over time?
- Inflation
- Deflation
- Taxation
- Interest
-
Which of these is a form of money in the UK?
- Gift vouchers only
- Passports
- Share certificates
- Banknotes and coins
-
Why do governments and banks aim to keep inflation low and steady?
- Rapid currency growth
- Predictable financial planning
- Higher tax revenue
- Increased borrowing costs
-
A shop sells a jumper for £30. Which function of money is shown?
- Medium of exchange
- Legal tender
- Store of value
- Unit of account
-
What is the main benefit of keeping money in a bank account?
- Zero risk
- Security and access
- Tax exemption
- Guaranteed profit
-
Which card spends money directly from your personal bank account?
- Debit card
- Prepaid voucher
- Store card
- Credit card
-
What financial term describes the money coming in and going out?
- Capital gain
- Net profit
- Cash flow
- Gross income
-
What financial plan sets out expected earnings and spending over time?
- A balance sheet
- A mortgage
- A budget
- An audit
-
Why should someone keep a detailed record of daily spending?
- Earning bank interest
- Spotting patterns
- Increasing salary
- Paying less tax
-
Which of these is a 'need' rather than a 'want'?
- A new games console
- A designer watch
- A film ticket
- Food and shelter
-
What does the phrase value for money mean?
- Lowest price possible
- Buying in bulk
- Quality relative price
- Highest quality available
-
Why do shoppers compare prices across different stores before buying?
- Meeting shop assistants
- Accumulating store points
- Checking stock levels
- Finding better value
-
Which of these is a typical example of a regular fixed expense?
- Birthday gift
- Monthly rent
- Car repair
- Holiday flight
-
Which of these counts as a regular source of personal income?
- Wages from employment
- Paying a electricity bill
- Buying groceries
- Bank loan repayment
-
A person earns £1,000 monthly but spends £1,150. What is the financial outcome?
- Tax rebate
- Monthly surplus
- Balanced budget
- Monthly deficit
-
What is the primary way governments raise funds for public services?
- Lottery tickets
- Bank fines
- Charity donations
- Taxation
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