A Brief History of Money: Reading Answers & Explanations
IELTS Reading practice test · 13 questionsAcademicmedium
Haven't taken this test yet?
Looking at the answers first spoils the practice — you only get one honest first attempt at a passage. Take the test with the 20-minute timer, get an instant score and estimated band, then come back here to study every answer.
About this passage
The passage opens: “Money is so much a part of everyday life that it is easy to assume it has always existed in something like its present form. In fact money has taken many shapes over the course of human history, and the very idea of what counts as money has changed profoundly.”
- Passage length: about 788 words
- Questions: 13
- Question types: True / False / Not Given, Multiple Choice, Short Answer
“A Brief History of Money” is an original IELTS-style practice passage written by IELTS-Bank. It is not taken from an official IELTS or Cambridge test, so these answers only apply to our version.
Answer key at a glance
A Brief History of Money answers with explanations
Questions 1–6: True / False / Not Given
Do the following statements agree with the information given in the passage? Write TRUE if the statement agrees, FALSE if it contradicts, or NOT GIVEN if there is no information.
- 1
Direct exchange of goods works well no matter how complex trade becomes.
Show answerHide answer
Answer: FALSE
Why: This sentence directly contradicts the statement, so the answer is FALSE.
Evidence · Paragraph 1 “Such a system, in which one item is swapped for another, can work on a small scale, but it runs into serious difficulties as soon as trade becomes more complex.”
- 2
Only one kind of object has ever been used as a medium of exchange.
Show answerHide answer
Answer: FALSE
Why: This sentence directly contradicts the statement, so the answer is FALSE.
Evidence · Paragraph 3 “Many different things have served this purpose in different societies, from shells and beads to cattle and measured quantities of grain.”
- 3
Metal was valued as money partly because it does not spoil.
Show answerHide answer
Answer: TRUE
Why: This sentence confirms the statement, so the answer is TRUE.
Evidence · Paragraph 4 “Metal does not spoil, it can be divided into smaller amounts and combined again”
- 4
Paper money began as a promise that valuable metal would be provided when demanded.
Show answerHide answer
Answer: TRUE
Why: This sentence confirms the statement, so the answer is TRUE.
Evidence · Paragraph 5 “…a person could carry a document promising that the metal would be provided on demand... This was the origin of paper money, which began as a claim on something valuable held elsewhere”
- 5
Modern money keeps its value because it can still be exchanged for gold.
Show answerHide answer
Answer: FALSE
Why: This sentence directly contradicts the statement, so the answer is FALSE.
Evidence · Paragraph 6 “Modern money has value not because it can be exchanged for gold or silver but simply because people accept it and expect others to do the same.”
- 6
Coins were first invented in a particular ancient kingdom.
Show answerHide answer
Answer: NOT GIVEN
Why: The statement claims coins were first invented in a specific ancient kingdom, but the passage does not confirm or deny this, only stating that coins were made to a standard weight and marked to guarantee their value.
Closest related text · Paragraph 4 “The invention of coins, pieces of metal made to a standard weight and marked to guarantee their value, was a great convenience.”
Question 7: Multiple Choice
Choose the correct letter, A, B, C or D.
- A. A benefit of using coins
- B. The need for each party in a direct trade to want exactly what the other offers
- C. A modern electronic payment
- D. A type of precious metal
- 7
What is 'the double coincidence of wants' described as?
Show answerHide answer
Answer: B — The need for each party in a direct trade to want exactly what the other offers
Why: This is the part of the passage that supports B — The need for each party in a direct trade to want exactly what the other offers.
Evidence · Paragraph 2 “A farmer with grain who needs a pair of shoes must find a shoemaker who happens to want grain... This awkward requirement, sometimes described as the need for a double coincidence of wants”
Question 8: Multiple Choice
Choose the correct letter, A, B, C or D.
- A. Coins were made of a different substance
- B. A coin could be counted rather than weighed, and its stamp guaranteed its value
- C. Coins never wore out
- D. Coins were heavier and safer
- 8
What advantage did coins have over metal that was simply weighed out?
Show answerHide answer
Answer: B — A coin could be counted rather than weighed, and its stamp guaranteed its value
Why: This is the part of the passage that supports B — A coin could be counted rather than weighed, and its stamp guaranteed its value.
Evidence · Paragraph 4 “A coin could be counted rather than weighed, and its stamp offered an assurance that it contained what it claimed to.”
Question 9: Multiple Choice
Choose the correct letter, A, B, C or D.
- A. A fixed amount of gold
- B. A shared confidence that it will be honoured in future
- C. The weight of the metal it contains
- D. The document that promises it
- 9
According to the passage, what does modern money most fundamentally rest on?
Show answerHide answer
Answer: B — A shared confidence that it will be honoured in future
Why: This is the part of the passage that supports B — A shared confidence that it will be honoured in future.
Evidence · Paragraph 6 “Its worth rests on a shared confidence that it will be honoured in future transactions.”
Question 10: Multiple Choice
Choose the correct letter, A, B, C or D.
- A. The return to using cattle and shells
- B. The move away from physical money towards electronic records
- C. The invention of the first coins
- D. The weighing out of metal
- 10
What is described as the most recent chapter in the history of money?
Show answerHide answer
Answer: B — The move away from physical money towards electronic records
Why: This is the part of the passage that supports B — The move away from physical money towards electronic records.
Evidence · Paragraph 7 “The most recent chapter in this long story is the move away from physical money altogether. Increasingly, payments are made... by transferring numbers electronically”
Questions 11–13: Short Answer
Answer the questions below. Choose NO MORE THAN THREE WORDS from the passage for each answer.
- 11
What term describes something everyone will accept in return for goods?(max 3 words)
Show answerHide answer
Answer: a medium of exchange (also accepted: medium of exchange)
Why: The answer “a medium of exchange” is taken from this sentence — copy the word(s) exactly as they appear. It fits the 3-word limit.
Evidence · Paragraph 3 “…the use of particular objects as a generally accepted medium of exchange”
- 12
What were the standard-weight, marked pieces of metal called?(max 2 words)
Show answerHide answer
Answer: coins (also accepted: coin)
Why: The answer “coins” is taken from this sentence — copy the word(s) exactly as they appear. It fits the 2-word limit.
Evidence · Paragraph 4 “The invention of coins, pieces of metal made to a standard weight and marked to guarantee their value”
- 13
The writer suggests money is less a physical substance than what?(max 3 words)
Show answerHide answer
Answer: a social agreement (also accepted: social agreement)
Why: The answer “a social agreement” is taken from this sentence — copy the word(s) exactly as they appear. It fits the 3-word limit.
Evidence · Paragraph 6 “…money is less a physical substance than a social agreement”
Estimated band score for this test
Your raw score out of 13 scaled to the 40-question IELTS Reading (Academic) conversion table. This is the same estimate the practice page shows after you submit. A single passage is a small sample, so treat it as a guide.
| Correct answers | Estimated band |
|---|---|
| 13 / 13 | 9.0 |
| 12 / 13 | 8.5 |
| 11 / 13 | 7.5 |
| 10 / 13 | 7.0 |
| 9 / 13 | 6.5 |
| 8 / 13 | 6.0 |
| 7 / 13 | 5.5 |
| 5–6 / 13 | 5.0 |
| 4 / 13 | 4.0 |
| 3 / 13 | 3.5 |
| 2 / 13 | 3.0 |
| 1 / 13 | 2.0 |
| 0 / 13 | 0.0 |
Full-test score? Use the IELTS band calculator.
Tips for the question types in this test
True / False / Not Given
- Read the statement first and underline the key idea, especially any qualifiers like "all", "only", "never", "always", "more than" or dates and numbers.
- Because the questions follow the order of the passage, scan for the paragraph that deals with the same topic rather than re-reading everything.
Common trap: Confusing "False" with "Not Given": choose False only when the passage actively contradicts the statement; if the passage is silent, it is Not Given.
Full True / False / Not Given strategyMultiple Choice
- Read the question stem carefully before the options so you know exactly what is being asked.
- Because multiple-choice questions follow passage order, locate the relevant section and read it in full — the answer usually depends on more than one sentence.
Common trap: Distractors that use exact words from the passage but distort the meaning.
Full Multiple Choice strategyShort Answer
- Read the instructions and note the exact word limit; going over it means zero marks even if the meaning is right.
- Turn each question into a set of keywords and predict what kind of answer it needs (a person, a date, a place, a noun).
Common trap: Exceeding the word limit (writing four words when only three are allowed).
Full Short Answer strategyPractise “A Brief History of Money” under exam conditions
Free, auto-marked, with the 20-minute timer and an instant band estimate.
Take this test first (timed)More IELTS Reading tests with answers
The Garden City Movement
medium
The Global Journey of Coffee
medium
The Global Spread of the Chilli
medium
The Global Spread of the Potato
medium
The Great Library of Alexandria and the Loss of Ancient Knowledge
easy
The Hanseatic League and Medieval Trade
medium