Money isQuestion 1Answera.one's assets net of one's liabilities at any point in time.b.a liability that people are willing to accept in exchange for goods and services.c.an asset that people are willing to accept in exchange for goods and services.d.the income one earns over a period of time.
Question
Money isQuestion 1Answera.one's assets net of one's liabilities at any point in time.b.a liability that people are willing to accept in exchange for goods and services.c.an asset that people are willing to accept in exchange for goods and services.d.the income one earns over a period of time.
Solution
The correct answer is c. Money is an asset that people are willing to accept in exchange for goods and services.
Here's why:
a. Money is not one's assets net of one's liabilities at any point in time. This is more a definition of net worth.
b. Money is not a liability. In accounting and finance, a liability is something that you owe, not something you can exchange for goods and services.
c. Money is indeed an asset that people are willing to accept in exchange for goods and services. This is because money is generally accepted as payment for goods and services, making it an asset.
d. Money is not the income one earns over a period of time. This is more a definition of income or salary.
So, the correct answer is c. Money is an asset that people are willing to accept in exchange for goods and services.
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