Nicholas Is Saving Money Collected from His Paper Route in Order

question 302

Multiple Choice

Nicholas is saving money collected from his paper route in order to purchase a new bicycle. His saving represents using money as

• A) a store of value.
• B) an unit of account.
• C) a medium of exchange.
• D) none of the above

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Definitions:

Tax Receipts

The income received by the government from taxes.

Federal Transfer Payments

Government payments transferred to individuals or states, often for assistance, without requiring direct services in return.

Tax Receipts

The revenue collected by the government through various forms of taxes.

Borrowing

The act of obtaining resources (usually money) from another party with the promise of repayment under defined terms, often involving interest.