Money Used to Purchase Goods or Services Is Functioning as A

question 163

Multiple Choice

Money used to purchase goods or services is functioning as a:

• A) unit of account.
• B) store of value.
• C) standard value.
• D) medium of exchange.

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Definitions:

Total Profit

The overall financial gain calculated by subtracting total costs from total revenue.

Collude

To come together in secret agreement, especially for a deceitful or illegal purpose.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.

Annual Fixed Cost

Regular, unchanging expenses incurred by a business, regardless of its level of production or sales volume within a year.