If You Save $20,000 for a Down Payment on a House

question 23

Multiple Choice

If you save $20,000 for a down payment on a house, you are using money as

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

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Definitions:

Assignee

An individual or entity to whom rights or interests have been transferred by another party, known as the assignor.

Consideration

An essential element in contract law, referring to something of value exchanged between parties as part of entering into a contract.

Beneficiary Modification

Changes made to the designated recipient of benefits or entitlements under a legal instrument such as a will or insurance policy.

Gifts

Voluntary transfers of property or funds from one person to another without any expectation of payment or compensation.