(a)

(b) Money acts as a standard of deferred payment. It means payment to be made in future can be expressed in terms of money. Money is accepted as a standard of deferred payment because it has a general acceptability and it can be expressed in definite and standardised units. 

(c) Public expenditure is the expenditure incurred by the public authorities (central, state and local governments) to satisfy those common wants which, the people in their individual capacity are unable to satisfy efficiently. Public expenditure, thus tends to satisfy collective social wants. Expenditure incurred by the central authorities in running the government expenditure on administration and maintenance of law and order are the examples of public expenditure. Expenditure incurred on education, public recreation, public works, etc. are familiar examples of public expenditure incurred for the satisfaction of collective wants. 

(d) Consumer: Someone who purchases goods for personal use. Awareness : Having knowledge of; state of elementary or undifferentiated consciousness. Consumer awareness means consumer’s consciousness towards their rights and duties. It is a must for a consumer to follow these rights. It is implemented for the protection of the consumer, so that he/she is not exploited by the seller of the products. 

(e) Demand deposits and time deposits : 

(i) Demand deposits can be withdrawn at any time, whereas the time deposits can be withdrawn only after the expiry of a specific period. 

(ii) There is no interest rate on demand deposits, whereas the time deposits carry a high interest rate. 

(iii) Demand deposits are chequeable and can be withdrawn through cheques, whereas time deposits are not chequeable.