The History Of Money - Electronic Banking

Question 1

Write the following abbreviations in full.
a) ATM- _________________________________
b)EFT- ___________________________________
c)PIN- ___________________________________

Answer 1

a)ATM- Automatic teller machines.
b)EFT-Electronic funds transfer.
c)PIN- Personal identification number.

Question 2

Explain the term phishing.

Answer 2

A technique for attempting to acquire your bank details without your permission, by using an email to follow a computer user to get personal information.

Question 3

Contrast bartering and the role of money in modern times.

Answer 3

Bartering was when two people traded their goods for other goods by undignified their negotiating skills,The role of money today is much easier and quicker because it what’s a specific value that can be used to pay for the exact price of and item.

Question 4

Draw a flow diagram,showing the evolution of money.

Answer 4

Bartering —— Gold—— Coins —— Paper money —— Electronic Banking.