BANKING AFFAIRS

Detailed explanation-1: -All portions or specimens of the substance used as money should be homogeneous, that is, of the same quality, so that equal weights have exactly the same value.

Detailed explanation-2: -Uniformity in currency means that each individual unit holds the same value. A $10 bill is uniform because it is virtually identical to any other $10 bill while a chicken may have a variety of possible values compared to another chicken and is, therefore, less uniform as a currency.

Detailed explanation-3: -Uniformity. Cows come in many sizes and shapes and each has a different value; cows are not a very uniform form of money. Twenty-dollar bills are all the same size and shape and value; they are very uniform.

Detailed explanation-4: -in fact, a variety of items have been used as money over the centuries. The items that worked the best tended to have four basic characteristics: portability, divisibility, durability, and acceptability.

Detailed explanation-5: -Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account. Medium of exchange. Money’s most important function is as a medium of exchange to facilitate transactions.