The Evolution of the Payments System from Barter to Precious

question 63

Multiple Choice

The evolution of the payments system from barter to precious metals,then to fiat money,then to checks can best be understood as a consequence of the fact that

• A)paper is more costly to produce than precious metals.
• B)precious metals were not generally acceptable.
• C)precious metals were difficult to carry and transport.
• D)paper money is less accepted than checks.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for the preparation of public company financial statements.

Premium Account

An upgraded account or service that a customer opts for, typically providing additional features or benefits for an extra cost.

Discount Account

An account that represents the difference between a bond's face value and its selling price when it is sold at less than its face value.

Debt to Assets Ratio

A financial ratio that measures the percentage of a company's assets financed by creditors through debt, indicating the degree of financial leverage.