Use of Money to Save Up for a Future Cash

question 25

Multiple Choice

Use of money to save up for a future cash purchase would be an example of money's role as a

• A) medium of exchange.
• B) store of value.
• C) unit of account.
• D) store of wealth.
• E) standard of deferred payment.

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Definitions:

MBCA

Model Business Corporation Act, a template for state corporation statutes that provides legal guidelines for corporate governance and operations.

Articles of Incorporation

Legal documents filed with the state government to legally establish a corporation.

Proper Consideration

The requirement in contract law that something of value must be exchanged between the parties to form a valid contract.

Incorporeal Property

Refers to intangible assets owned by an individual or corporation, such as intellectual property, securities, and rights to financial accounts.