When You Are Looking at a Car's Price to Decide

question 69

Multiple Choice

When you are looking at a car's price to decide whether you can afford it, you are using money primarily as a:

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

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Definitions:

Wrongfully Dishonored

Refers to a situation where a financial institution unjustifiably refuses to pay or accept a negotiable instrument when properly presented.

Proper Presentment

The formal presentation of a document in a way that follows legal requirements or norms.

Accommodation Party

An individual who signs a loan or credit application on behalf of another, promising to pay if the primary borrower fails to do so.

Maker

A person who promises to pay a set sum to the holder of a promissory note or certificate of deposit.