Money and Shopping Quiz

Credit card is a form of electronic payment, allowing transactions without physical currency.

ATM stands for Automated Teller Machine, a device for financial transactions like withdrawals and deposits.

Inflation is the term for the rate at which the general price level of goods and services in an economy increases.

Entertainment is not usually considered a necessity in budgeting; necessities include essential expenses like food, housing, and utilities.

Bulk buying is the practice of purchasing goods in large quantities at a lower unit cost.

Unit of happiness is not a recognized function of money; money serves as a medium of exchange, store of value, and unit of account.

Comparison shopping involves evaluating prices from various stores before making a purchase decision.

ROI stands for Return on Investment, indicating the profitability of an investment relative to its cost.

Net Income is the term for the money an investor earns after subtracting all costs and expenses from revenue.

A financial 'Crash' refers to a sudden and widespread panic in financial markets leading to a significant decline in asset values.

A car is a durable good, meaning it has a long lifespan and is not consumed quickly.

Perfect competition involves many buyers and sellers with identical products, leading to healthy competition.

Fiat money is not backed by a physical commodity; its value is derived from the trust of the people using it.

Excess demand occurs when the demand for a product surpasses the available supply.

A patent is an example of an intangible asset, representing intellectual property with no physical form.