Why is currency accepted as a medium of exchange? -SST 10th

Why is currency accepted as a medium of exchange? -SST 10th
by

1 Answer

Answer :

. Modern forms of money include currency—paper notes and coins. . Modern currency is not made of precious metals such as gold, silver and copper. . The modern currency is without any use of its own. . In India, Reserve Bank of India issues currency notes on behalf of the Central government. . As per the Indian law, no other individual or organisation is allowed to issue currency. . No individual in India can legally refuse a payment made in rupees.
by

Related questions

Why is modern currency accepted as a medium of exchange without any use of its own ? Find out the reason. -SST 10th

Description : Why is modern currency accepted as a medium of exchange without any use of its own ? Find out the reason. -SST 10th

Last Answer : Modern currency is accepted as a medium of exchange: 1. Modern currency is accepted as a medium of exchange because it is authorized by the central government of a country. 2. In India, RBI issues the ... to issue the currency. 3. The rupee cannot be refused legally as a medium of payment in India.

Modem currency is without any use of its own'; then why is it accepted as a medium of exchange ? -SST 10th

Description : Modem currency is without any use of its own'; then why is it accepted as a medium of exchange ? -SST 10th

Last Answer : Modern currency is accepted as a medium of exchange because it is authorised by the government of the country.

What is money ? Why is modern money currency accepted as a medium of exchange ? -SST 10th

Description : What is money ? Why is modern money currency accepted as a medium of exchange ? -SST 10th

Last Answer : Money is the medium of exchange used for exchanging goods, commodities or properties. Before money, barter system was present in the society, Modern money currency is accepted as a medium of exchange ... No individual can legally refuse payment in rupees so it is used as a medium of exchange.

What is money? Why is modern money currency accepted as a medium of exchange? -SST 10th

Description : What is money? Why is modern money currency accepted as a medium of exchange? -SST 10th

Last Answer : Money is something that can act as a medium of exchange in transactions. Everyone prefers to receive payments in money and then exchange the money for things they want. For example, take the case of ... a person holding money can easily exchange it for any commodity or service that he or she wants.

Why is modern currency accepted as a medium of exchange without any use of its own ? -SST 10th

Description : Why is modern currency accepted as a medium of exchange without any use of its own ? -SST 10th

Last Answer : Modern currency is accepted as a medium of exchange without any use of its own because: (i) Modern currency is authorized by the government of a country. (ii) In India, the Reserve Bank of ... settling transactions in India. (v) No individual in India can legally refuse a payment made in rupees.

Why is the rupee widely accepted as a medium of exchange? -SST 10th

Description : Why is the rupee widely accepted as a medium of exchange? -SST 10th

Last Answer : (i) In India, the Reserve Bank of India issues currency notes on behalf of the central government. (ii) As per Indian law, no other individual or organisation is allowed to issue currency. (iii ... legally refuse a payment made in rupees. Hence,the rupee is widely accepted as a medium of exchange.

‘‘The rupee is widely accepted as a medium of exchange.’’ Explain. -SST 10th

Description : ‘‘The rupee is widely accepted as a medium of exchange.’’ Explain. -SST 10th

Last Answer : The rupee is widely accepted as a medium of exchange because: (i) The currency is authorised by the government of the country. (ii) In India, the Reserve Bank of India issues currency notes ... legally refuse a payment made in rupees. Hence, the rupee is widely accepted as a medium of exchange.

For which function money is accepted as a unit of account? (a) Measure of value. (b) Store of value. © Medium of exchange. (d) Standard of deferred payment.

Description : For which function money is accepted as a unit of account? (a) Measure of value. (b) Store of value. © Medium of exchange. (d) Standard of deferred payment.

Last Answer : (a) Measure of value.

Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of________ A. Six months B. Three months C. One year D. 15 days E. None of the Above

Description : Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of________ A. Six months B. Three months C. One year D. 15 days E. None of the Above

Last Answer : C. One year Explanation: The deposits should be accepted under the Foreign Currency Non-Resident(FCNR) Scheme for the following maturity periods: One year and above but less than two years Two years ... above but less than four years Four years and above but less than five years Five years only

Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of _______ A. 15 days B. 3 months C. 6 months D. 1 year E. 7 days

Description : Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of _______ A. 15 days B. 3 months C. 6 months D. 1 year E. 7 days

Last Answer : D. 1 year Explanation: Term Deposit with maturity of minimum 1 year & maximum 5 years can be opened under Foreign Currency Non-Resident(FCNR) scheme.

The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing standards. b. Acceptable financial reporting framework c. Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Description : The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing ... Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Last Answer : Acceptable financial reporting framework

How does money act as a medium of exchange ? -SST 10th

Description : How does money act as a medium of exchange ? -SST 10th

Last Answer : Money acts as a medium of exchange because any good can be bought or sold with the money as their value is already decided in the market in terms of money.

How is money used as a medium of exchange ? Explain with examples. -SST 10th

Description : How is money used as a medium of exchange ? Explain with examples. -SST 10th

Last Answer : Money is used as a medium of exchange by: 1. Goods and services can be bought and sold with the use of money. For example, someone who wants shoes can buy it with money and if someone wants ... it's the intermediary in the exchange process. Anything in the market can be bought and sold with it.

What is it that can act as a medium of exchange in transactions? -SST 10th

Description : What is it that can act as a medium of exchange in transactions? -SST 10th

Last Answer : It is money that can act as a medium of exchange in transactions.

How does money act as medium of exchange ? -SST 10th

Description : How does money act as medium of exchange ? -SST 10th

Last Answer : It acts as an intermediate in the exchange process and transactions. We can buy things if we have money in our pockets.

How is money used as a medium of exchange ? -SST 10th

Description : How is money used as a medium of exchange ? -SST 10th

Last Answer : Money acts as a medium of exchange in the following ways: (i) Overcomes the problem of double co-incidence of wants. For example, if a person needs wheat in exchange of tea, then he/she must search ... such searches redundant. (ii) Acts as a medium of deferred payment. (iii) Has a store value.

Do you know of a currency calculator that uses the exchange rate at an earlier date?

Description : Do you know of a currency calculator that uses the exchange rate at an earlier date?

Last Answer : answer:I've seen one. I wanted to see how the value of euros relative to American dollars had changed since I bought some. I found it by some persistent Googling: as I got warmer, I picked up key terms and ... took a while, but I can at least tell you that I did it and therefore that it can be done.

What's a good place in the USA to trade foreign currency at the face exchange rate?

Description : What's a good place in the USA to trade foreign currency at the face exchange rate?

Last Answer : You’ll probably do best at your own bank if they do exchanges.

Overseas flight: Do I exchange my currency at departure or arrival?

Description : Overseas flight: Do I exchange my currency at departure or arrival?

Last Answer : I exchange a small-ish amount ($100 to $200) at departure and then more as I need it at my destination. Of course, I do most of my spending through credit cards, so they will do the exchange for me when it’s the most profitable for them.

What is the most cost effective way to exchange foreign currency?

Description : What is the most cost effective way to exchange foreign currency?

Last Answer : Counterintuitively, it is often credit card companies which offer the fairest exchange rates, but too late! You already chose cash. Try Bank Leumi. They have an international reputation for fair exchange, and you don’t have to get sheckles :)

What is the best month of the year to exchange U.S. Dollars for foreign currency?

Description : What is the best month of the year to exchange U.S. Dollars for foreign currency?

Last Answer : ad would know this one he works with the currency every week day but i cant answer this one sorry

I want to move to São Paulo, Brasil. Which currency is most efficient for me to exchange, euro or pound sterling?

Description : I want to move to São Paulo, Brasil. Which currency is most efficient for me to exchange, euro or pound sterling?

Last Answer : Why traveller’s cheques? Put your savings in some high interest rate deposit (ING-like) instead. In one year you will find yourself with +5%, and the choice of buying traveller’s cheques in different currencies still intact.

where can I exchange canadian currency?

Description : where can I exchange canadian currency?

Last Answer : You can do it at your bank or money exchange shops. Compare the rates.

Where is best Currency Exchange Specialists in Melbourne Australia i want to exchange Australian dollars convert into united state dollars.?

Description : Where is best Currency Exchange Specialists in Melbourne Australia i want to exchange Australian dollars convert into united state dollars.?

Last Answer : Hi, Alex. It is hard to tell, especially when we do not know exactly where you are writing in Australia. Finding a place that does not charge anything for converting cash will be impossible, that I ... and ask for their prices and how their commissions work. That would be your best bet. Good luck!

Where can I find the US currency exchange rate online?

Description : Where can I find the US currency exchange rate online?

Last Answer : You can find the US currency exchange rate online at http://finance.Yahoo.com/currency-converter. Or you can also try this website http://www.exchangerate.com/.

What is the current US currency exchange rate for Pesos?

Description : What is the current US currency exchange rate for Pesos?

Last Answer : Pesos are not a singular currency. For example, the Mexican Peso is different than the Argentine Peso. So you cannot know a specific US Dollar to Peso rate until you know which Peso you are dealing with. You can find a specific exchange rate at www.x-rate.com.

What is the current US currency exchange rate in Mexico?

Description : What is the current US currency exchange rate in Mexico?

Last Answer : This will usually change from year to year. The current exchange rate of Mexican money into US dollars is 12.83059 Mexican pesos to 1 US dollar.

What is the currency exchange rate between Spain and the US?

Description : What is the currency exchange rate between Spain and the US?

Last Answer : Spain uses the euro. The conversion right now is $1 US = .74 euro. 1 euro = $1.36 US.

Where can I find a store that does currency exchange in miami?

Description : Where can I find a store that does currency exchange in miami?

Last Answer : Miami Currency Exchange located in Miami Intl Airport Ste B3 is a very reliable and good store that does currency exchange.

Where can I find the current us currency exchange rate online?

Description : Where can I find the current us currency exchange rate online?

Last Answer : You can find the current us currency exchange rate on x-rates.com.

What is the currency exchange rate of US dollars to Euros?

Description : What is the currency exchange rate of US dollars to Euros?

Last Answer : The currency exchange rate of US dollars to Euros is 1 USD for 0.71 Euros.

What is the current us currency exchange rate?

Description : What is the current us currency exchange rate?

Last Answer : You can find much information on this at: www.xe.com/

What is the us currency exchange rate to euros?

Description : What is the us currency exchange rate to euros?

Last Answer : The exchange rate of US to Euros is +0.522 %.

Where can you exchange Mexican currency for American money?

Description : Where can you exchange Mexican currency for American money?

Last Answer : There is a Banking Center in Midland, TX that will exchange your currency. The address is 303 W Wall Midland, TX 79701. The phone number is 432-685-2000. There is also a second Banking Center incase ... be reached, the address is 404 N Colorado, Midland, TX 79701. The phone number is 432-685-2165.

Where can I find the currency exchange rates for Japan?

Description : Where can I find the currency exchange rates for Japan?

Last Answer : If you search currency exchange rates for Japan it will show you exactly how much it is. You can even plug in numbers and it does it right for you. There are many places you can go.

Where can I find out more about currency exchange rates?

Description : Where can I find out more about currency exchange rates?

Last Answer : Here is an online currency exchange rate converter that also has some information about the rates: http://www.xe.com/ucc/ or you can check out http://www.x-rates.com/ for another good currency site.

Where do I go to exchange foreign currency?

Description : Where do I go to exchange foreign currency?

Last Answer : The best place to convert your dollars to yen is right at the airport; they have bank offices specifically for this. Outside of the airport, the best place to do this will be any bank branch.

A currency whose exchange rate is influenced by the government is a/an - (1) Unmanaged Currency (2) Managed Currency (3) Scarce Currency (4) Surplus Currency

Description : A currency whose exchange rate is influenced by the government is a/an - (1) Unmanaged Currency (2) Managed Currency (3) Scarce Currency (4) Surplus Currency

Last Answer : (2) Managed Currency Explanation: Managed currency refers to currency whose ex-change rate is not determined by the free-market forces of demand and supply but instead by the government's intervention through the country's central bank.

"Legal Tender Money" refers to : (1) Cheques (2) Drafts (3) Bill of exchange (4) Currency notes

Description : "Legal Tender Money" refers to : (1) Cheques (2) Drafts (3) Bill of exchange (4) Currency notes

Last Answer : (4) Currency notes Explanation: Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency and coins are common ... tender in many countries. Legal tender money is a type of payment that is protected by law.

When there is an official change in the exchange rate of domestic currency, then it is called (1) Appreciation (2) Depreciation (3) Revaluation (4) Deflation

Description : When there is an official change in the exchange rate of domestic currency, then it is called (1) Appreciation (2) Depreciation (3) Revaluation (4) Deflation

Last Answer : (2) Depreciation Explanation: Revaluation is a calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold ... . central bank) can alter the official value of the currency. It is opposite of devaluation.

)A currency having a falling exchange rate due to continuing balance of payments deficit is called a- (1) Soft currency (2) Hard currency (3) Scarce currency (4) Surplus currency

Description : )A currency having a falling exchange rate due to continuing balance of payments deficit is called a- (1) Soft currency (2) Hard currency (3) Scarce currency (4) Surplus currency

Last Answer : (1) Soft currency Explanation: Soft currency is a currency with a value that fluctuates as a result of the country's political or economic uncertainty which may be due to balance of payments ... set unrealistically high exchange rates, pegging their currencies to a currency such as the U.S. dollar

By which rate is the domestic current rate of currency converted into foreign currency? A. Bank Rate B. CRR C. Stock Exchange Rate D. Repo Rate E. Exchange Rate

Description : By which rate is the domestic current rate of currency converted into foreign currency? A. Bank Rate B. CRR C. Stock Exchange Rate D. Repo Rate E. Exchange Rate

Last Answer : E. Exchange Rate Explanation: An exchange rate aka a (foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country‘s currency in terms of another currency.

_________ is an account maintained in foreign currency with an Authorised Dealer Bank. A. Exchange Earners‘Foreign Currency Account B. Exchange Eligible Foreign Currency Account C. Earners‘ Eligible Foreign Currency Account D. Earners‘ Exchange Foreign Currency Account E. Equity Exchange Foreign Currency Account

Description : _________ is an account maintained in foreign currency with an Authorised Dealer Bank. A. Exchange Earners Foreign Currency Account B. Exchange Eligible Foreign Currency Account C. Earners ... Account D. Earners Exchange Foreign Currency Account E. Equity Exchange Foreign Currency Account

Last Answer : A. Exchange Earners‟Foreign Currency Account Explanation: Exchange Earners‘ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Bank (Category – I Bank) in foreign exchange.

Which of the following constitutes Foreign Direct Investment? A. A speculator trying to make a profit by buying company shares on a foreign stock exchange. B. A UK energy company buying territory abroad where it expects to find oil reserves. C. A tourist purchasing foreign currency to spend on a holiday abroad. D. A company signing an agreement with a wholesaler to distribute its products in foreign markets.

Description : Which of the following constitutes Foreign Direct Investment? A. A speculator trying to make a profit by buying company shares on a foreign stock exchange. B. A UK energy company buying territory ... D. A company signing an agreement with a wholesaler to distribute its products in foreign markets.

Last Answer : A tourist purchasing foreign currency to spend on a holiday abroad.

The ratio of foreign rates to domestic rates measured in the 'same' currency is known as:a) Real exchange rateb) Nominal exchange ratec) Superfluous exchange rated) None of the above

Description : The ratio of foreign rates to domestic rates measured in the 'same' currency is known as: a) Real exchange rate b) Nominal exchange rate c) Superfluous exchange rate d) None of the above

Last Answer : a) Real exchange rate

Exchange rates for one currency against another currency, are known as: a) Real exchange rate b) Nominal exchange rate c) Superfluous exchange rate d) None of the above

Description : Exchange rates for one currency against another currency, are known as: a) Real exchange rate b) Nominal exchange rate c) Superfluous exchange rate d) None of the above

Last Answer : b) Nominal exchange rate

Foreign exchange risk can be reduced by using _____. A. forward contracts B. futures contracts C. currency options D. currency denomination E. all of the above

Description : Foreign exchange risk can be reduced by using _____. A. forward contracts B. futures contracts C. currency options D. currency denomination E. all of the above

Last Answer : E. all of the above

Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above

Description : Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above

Last Answer : b) Transaction

A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the recording.

Description : A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the recording.

Last Answer : FALSE

Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Description : Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Last Answer : c. actual rate effective on date