If the Prices of Goods and Services Are Stated in Terms

question 33

Multiple Choice

If the prices of goods and services are stated in terms of kilograms of salt, then salt is

• A)a unit of account.
• B)a standard of deferred payment.
• C)a store of value.
• D)quasi-money.
• E)a medium of exchange.

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Definitions:

Creditors

Individuals or entities to whom money is owed by a debtor or borrower.

Automatic Stay

After bankruptcy has been filed, a moratorium during which creditors cannot bring or continue action against the debtor or his or her property.

Chapter 7

A provision under the United States Bankruptcy Code dealing with the process of liquidation, where a debtor's assets are sold to pay off creditors.

Order of Relief

An order stating that bankruptcy proceedings can continue.