A $10,000 Price Tag on a New Car Is an Example

question 47

Multiple Choice

A $10,000 price tag on a new car is an example of money as

• A)a medium of exchange.
• B)a unit of account.
• C)a store of value.
• D)a time deposit.

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Definitions:

Chattel Mortgage

A chattel mortgage is a loan agreement where personal movable property is used as collateral for the loan, and the borrower retains possession while the lender has a security interest.

Registered

The status of having officially recorded information in a formal registry or database, typically to confirm authenticity or compliance.

Priority

The established right or order of precedence, often in the context of legal claims, debts, or interests over assets.

Personal Property Legislation

Laws and regulations governing the rights, ownership, and disputes of personal property, which is any movable property that is not fixed immovably to land.