characteristics and functions of money

• charactersitics of money

  generally acceptable

  portable

  durable

  divisable

  homogenous

  recognizable

  relatively scarce
• Functions of money: medium of exchange, unit of account, store of value, and unit of account
• ways of keeping money safe and stored: bank vaults, safes, cash boxes, strong rooms, chests of drawers
• proper record keeping is important for the following reasons: to ensure that the business is complying with the law to ensure that the business is able to meet its obligations to its customers
• a bank is a financial institution that accepts deposits from the public and makes loans to individuals and businesses
• first banks were set in england by goldsmiths in 17th century
• commercial banks in fiji: bsp,anz,hfc,bank of baroda,bred bank ,and westpac
• functions of commercial banks:accepting deposits,providing cheque,provides loans ,charging bank fees,and interests.keeping an uptodate account of cutomers. provide advice to businnesses on export and import. provide facilities for safe storage
• steps in opening a bank account

  1. tin number
  2. original bc
  3. letter from school
  4. minimum deposit per account opening
  5. bank of own choice
• documents for banking activities

  -deposit slips

  -withdrawal slip

  • bank statement
• a deposit slip is a document that is used to record the amount of money that is deposited into a bank account
• a deposit slips includes the date, the name of the depositor , the depositor s account number and the amount being deposited
• a withdrawal slip is a slip that has to be filled in order to withdraw money from a bank
• a bank statement is a record of all transactions that have been made by a bank on behalf of a customer.