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JAIIB — free MCQ practice

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JAIIB subjects

Economics (30)

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Banking CertificationEconomicsMoney and Banking

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A village trades grain directly for cloth with no cash involved. That system is:Read the answer and worked solution →Barter makes it hard to agree deals for later delivery. It does not allow easy:Read the answer and worked solution →An accountant is paid in cash and buys shoes with it. Money here acts as a:Read the answer and worked solution →A worker saves notes in a safe for next year. Money here acts as a:Read the answer and worked solution →

Worked practice questions

A village trades grain directly for cloth with no cash involved. That system is:

  1. Barter
  2. Barrel
  3. Batten
  4. Bantam
Show answer and solution

Correct answer: A. Barter

1. No money changes hands. 2. Goods are swapped for other goods. 3. That system is barter. _Source: OpenStax Principles of Macroeconomics 3e, Chapter 14, Money and Banking._

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Barter makes it hard to agree deals for later delivery. It does not allow easy:

  1. Freight charges
  2. Future contracts
  3. Festive discounts
  4. Foreign accounts
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Correct answer: B. Future contracts

1. Each side must want the other's goods now. 2. Agreeing on later terms is awkward. 3. So future contracts are hard. _Source: OpenStax Principles of Macroeconomics 3e, Chapter 14, Money and Banking._

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An accountant is paid in cash and buys shoes with it. Money here acts as a:

  1. Medium of exchange
  2. Measure of distance
  3. Marker of ownership
  4. Method of storage
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Correct answer: A. Medium of exchange

1. Money sits between the two trades. 2. It moves value from one deal to the next. 3. That is a medium of exchange. _Source: OpenStax Principles of Macroeconomics 3e, Chapter 14, Money and Banking._

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