The First Step in the Evolution of Money Was

question 197

Multiple Choice

The first step in the evolution of money was

• A)physical commodities
• B)barter
• C)pieces of paper representing claims on physical commodities
• D)pieces of paper with no intrinsic value
• E)electronic entries representing claims on pieces of paper of no intrinsic value

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Definitions:

Cost of Retirement

The total expenses incurred when an individual stops working and enters retirement, including living and healthcare costs.

Retired Bonds

Bonds that have been repaid in full before or at maturity, thus removing the issuer's obligation to the holders.

Above the Cost

A situation where the selling price or market value of an asset exceeds its original purchase cost or production cost.

Bond Sinking Fund

A fund established by a bond issuer into which money is set aside over time, intended to be used to repay the principal amount of the bond at maturity.