A Common Trait of Money Through History and Across Cultures

question 70

Multiple Choice

A common trait of money through history and across cultures is that money

• A) was always issued by the local government.
• B) was always based on gold or some other precious commodity.
• C) was always fiat money.
• D) was always generally accepted as a means of payment.
• E) always had mystical properties.

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Definitions:

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a legal process that allows individuals or businesses to discharge most of their debts, liquidating assets to pay off creditors.

Bankruptcy Proceedings

The legal process through which individuals or businesses unable to meet their financial obligations seek relief from their debts.

Payment Plan

A payment plan is an agreement to pay off an owed amount over a designated period, through specified number of installments.

Order Of Relief

A court order that provides a debtor protection from creditors under bankruptcy proceedings, initiating the automatic stay.