What Are Exchange Rates? (Grade 11 NSC Matric Mathematical Literacy): Flashcards
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Definition of exchange rate
Definition of exchange rate
Comparison tool showing value of one currency vs another
Exchange rates thought of as
Exchange rates thought of as
The price of foreign money
Ways exchange rates can be expressed
Ways exchange rates can be expressed
Two ways: from either currency's perspective
Are exchange rates fixed values?
Are exchange rates fixed values?
No, they are not fixed
Frequency of exchange rate changes
Frequency of exchange rate changes
Daily, sometimes multiple times per day
Do all countries have same rate with Rand?
Do all countries have same rate with Rand?
No, each country has different rate with Rand
Why travellers need exchange rates
Why travellers need exchange rates
To buy foreign currency for goods/services abroad
Why import/export businesses need exchange rates
Why import/export businesses need exchange rates
To pay suppliers & receive payments in foreign currencies
Key exam tip for exchange rate calculations
Key exam tip for exchange rate calculations
Always check which direction the rate is given
What to include in final exchange rate answers
What to include in final exchange rate answers
Units (R for Rands, $ for Dollars, etc.)