If You Save $3 000 for a Deposit on a New

question 117

Multiple Choice

If you save $3 000 for a deposit on a new car, you are using money as a:

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

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Definitions:

Action

A legal term referring to a civil lawsuit or proceeding initiated to protect a right or redress a grievance.

Revised Article 3

Refers to updates made to Article 3 of the Uniform Commercial Code that governs negotiable instruments, including checks and drafts, in the United States.

Fraudulent Indorsements

Fraudulent indorsements occur when a person illegally signs a document on behalf of another without permission or authority, often to misappropriate funds.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions between U.S. states, including sales, leases, negotiable instruments, and secured transactions.