Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
|
Functions of fs - money has two important functions |
Medium of exchange and a unit of account. |
|
|
Money acts as a store of value- to be acceptable as a medium of exchange it must have certain properties |
Sufficient in quantity Acceptable to all parties in all transactions Divisible into small units Portablr |
|
|
The financial service exist largely... |
To carry out functions these main functions.. -it oils the wheel of commerceand government by channellibg mobey from those who have a surplus and wish to lend it at a profit Financial organisations want to make a profit by providing this service. By doing so they provide the public with produ ts and services tgat offer convenience(current accounts) , achieving diffi ult objectives(mortgages) and protection (insurance) |
