10 Lines on Money | 5 Lines on Money | Few Important Lines on Money in English

10 Lines on Money | 5 Lines on Money | Few Important Lines on Money in English

 

10 Lines on Money/ 5 Lines on Money/ Few Important Lines on Money in English: Students in various classes are looking for 10 Lines on Money in english. Here in this article we will provide 10 Lines on Money, 5 Lines on Money and Few Important Lines on Money in English. These 10 Lines on Money are important If you have been given an assignment from school to write 10 lines on Money in English or 5 lines on Money in English then you can refer to the points given in the below article.

10 Lines on Money Details

We are providing below 10 Lines on Money in English. These 10 Lines on Money have been written in simple language, yet emphasis has been made to elaborate on every aspect of the Money.

Topic	Money
Material	10 Lines on Money /5 Lines on Money/Few Lines on Money
Language	English
For	Students of any Class 1-12
Format	Text
Provider	Teacher Text

How to Find 10 Lines on Money in English or 5 Lines on Money in English?

1. Visit our website Teacher Text.
2. Now search for the main 10 Lines articles.
3. Once on the main page search for the particular topic i.e Money.
4. Click on the 10 Lines on Money in English page to complete your assignment.

10 Lines on Money in English

Students of any class who are looking for 10 Lines on Money in english can refer to the 10 lines about Money in below points:

1. Money is a kind of legal tender, which means a medium of exchange which is recognised by the government; generally notes and coins are legal tenders.
2. It is accepted for payment of goods and services as well as for repayment of debts.
3. It is also used as a measurement of value of any commodity, it tells about the market value of any item produced. Ex- cost of one unit of pen is Rs 5. (That is, the market value or the worth of a pen is Rs 5)
4. It is used as a standard of deferred payments i.e. to pay the loans and debts which were previously borrowed.
5. To act as a store of value, which means money is an asset which should be stored, saved and exchanged at some time and become useful when timely received.
6. Money must be durable which means that it must be produced for repeated use.
7. It must be portable i.e. it must be easily carried and transported.
8. Money must be “cognizable” i.e. its value must be identified very easily. Ex- a note of Rs 20, a 10-rupee coin etc.
9. Money is a kind of liquid asset which is easily exchanged as well as universally recognized and taken as a legal tender.
10. Before introduction of money, there was a system called “Barter System” in which any item was exchanged with another item which was very much needed.

5 Lines on Money in English

Students of any class who are looking for 5 Lines on Money in english can refer to the 10 lines about Money in below points:

1. Money in India is printed and circulated by RBI (Reserve Bank of India), a central banking institution which declares currency note as legal tender.
2. In 1944 the “Bretton Woods System” conference was held in America, where countries unanimously declared US dollar as universal medium of exchange.
3. “Commodity Money” is money, whose value comes from the commodity it is made of. Ex- gold, silver, livestock etc.
4. “Representative Money” is a type of money which has a face value greater than its materialistic value. For Ex- gold certificates, silver certificates etc.
5. “Fiat Money” is a type of money which has the value only through legal declaration and has mo materialistic worth. Ex- legal tenders declared by the government.

Few Important Lines on Money in English

Also, these are a few important lines on Money in English if any students require them.

1. “Paper Money” is a kind of money which is printed, approved, regulated and circulated by the central bank of a country. It is approved as legal tender by the government.
2. “Digital or Electronic Money” is a new concept where money is transferred electronically. Ex- bank’s websites and apps such as Paytm, PhonePe etc.
3. In 2016, to bring black money back to Indian economy, demonetisation of Rs 500 and Rs 1000 currency notes was affected by the Government of India.
4. Black Money is earned illegally by people who are rich or higher government officials through corruption.
5. “Plastic Money” or ATM cards are small cards through which money is withdrawn from ATMs (automated teller machine). Ex- Visa, Master Card, Rupay, etc.

More Details about Money

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possess intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for 'all debts, public and private', in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can cause good money to lose its value.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries.

FAQs Regarding 10 Lines on Money in English | 5 Lines on Money in English

How to find 10 lines on Money in English??

Students of any class can find 10 lines on Money in English from the above article.

How to find 5 lines on Money in English?

Students of any class can find 5 lines on Money in english from the above article.