Money is defined asQuestion 10Answera.all of the above.b.a riskless repository of spending power.c.anything that is generally accepted in payment for goods and services or in the repayment of debt.d.only A and B of the above.e.bills of exchange.

Money isA) anything that is generally accepted in payment for goods and services or in the repaymentof debt.B) a flow of earnings per unit of time.C) the total collection of pieces of property that are a store of value.D) always based on a precious metal like gold or silver

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.

Which of the following statement is TRUE about the economic functions of money?Group of answer choicesAll available answersMoney serves as a ‘Means of Payment’ since it can be viewed as a mechanism for exchange of goods or services in all types of transactions.Money acts as an ‘Unit of Account’ where, in the pricing of items, it becomes a standard unit of measurement of the value of goods or services.Money serves as a 'Store of Value' in that assets held in the form of money can be used as an investment for future use.

For something to be classified as "money", it must be a:Group of answer choicesStore of valueStandard unit/unit of accountMedium of exchangeAll of the available answers

Money is whatever society says it is. This statement acknowledges that multiple choice 2money is the only medium that can be exchanged for goods and services.money must be an acceptable medium for exchange to occur.money creates a demand for goods.money is accepted if it is the currency of the country.