Q3 of 25 Page 131

Match the following

1) US dollar – Universally accepted currency


Explanation: US dollar is universally accepted currency and used widely in international trade as countries have foreign reserve of this


2) currency and easy to convert


Currency in circulation – 85 %


Currency in circulation is total amount of money held by public and banks in short term loan and deposit which is used for making transactions.


3) ATM: Automatic Teller Machine


Explanation: ATM are the machine used for withdrawing cash from bank account using different type of cards provided by banks. Banks have installed these machine at various public places.


4) Salt – Substitute of money


Salt was earlier used as a form of currency as to get different product and services. It was in barter system time where people who had more salt, gave salt to other and took other products like grains etc.


5) Riyal – Saudi Arabia


Explanation: Riyal is a currency of Saudi Arabia. 1 Riyal is approximately equal to 18 our rupees.


More from this chapter

All 25 →