Slips Representing Gold Deposits with a Bank Are NOT an Example

question 79

Multiple Choice

Slips representing gold deposits with a bank are NOT an example of _____ money.

• A) fiat
• B) representative
• C) credit
• D) none of the above

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Definitions:

Owner Contribution

Capital injected by the owners into the business, increasing equity.

Creditor

An individual or institution that lends money or extends credit to another party, expecting to be repaid the principal amount along with interest or to receive goods and services.

Equity

The residual interest in the assets of an entity after deducting liabilities, often equated with ownership equity in a company.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.