Money's Function as a Medium of Exchange Means That

question 318

Multiple Choice

Money's function as a medium of exchange means that

• A) money is a common denominator for expressing the prices of goods and services.
• B) money can be used to store wealth.
• C) money serves as an acceptable means of payment.
• D) money requires a double coincidence of wants.

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Definitions:

Unsecured Creditors

Creditors who have extended credit without obtaining specific collateral, ranking below secured creditors in claims on assets.

Individual Retirement Account

A financial tool for individuals to save for retirement in a tax-advantaged way.

Unsecured Creditors

Creditors who have extended credit without securing collateral, putting them at greater risk if the borrower defaults.

Federal Bankruptcy Exemptions

Legal provisions that allow individuals filing for bankruptcy to retain certain assets and properties from creditor claims under federal law.