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:

Total Revenue

The entire amount of income generated by the sale of goods or services, before any expenses are deducted.

Variable Costs

Costs that vary in direct proportion to the volume of output or production in a company.

Variable Costs

Costs that vary directly with the level of production or service delivery.

Fixed Costs

Expenses that do not change with the level of output or sales, such as rent, salaries, and insurance.