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One of Stephanie's chores is taking out the trash.Her mom is frustrated because she continually has to remind Stephanie to complete the chore.One day,Stephanie's mom asks,without expecting an answer,"How many times have I told you to take out the trash?" Stephanie's mom's comment is an example of
Fiat Money
Currency that a government has declared to be legal tender, despite it having no intrinsic value or being backed by a physical commodity.
Liability
A legal financial obligation or debt that an entity owes to another entity, required to be settled through the transfer of assets, provision of services, or other financial settlement.
Federal Reserve Note
The official paper currency of the United States, issued by the Federal Reserve, and the most common form of U.S. banknotes in circulation.
Token Money
Money whose face value exceeds its cost of production, typically involving coins and paper money not backed by a commodity.
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