When You See a Mansion and Think to Yourself That

question 61

Multiple Choice

When you see a mansion and think to yourself that it must be worth a million dollars,you are using money to perform which function?

• A)medium of exchange
• B)unit of account
• C)store of value
• D)means of payment
• E)method of avoiding barter

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Definitions:

AGI

Adjusted Gross Income, which is gross income minus adjustments, used to determine tax liability.

Coverdell Education Savings Account

A tax-advantaged savings account designed to fund education expenses, offering tax-free growth and withdrawals for qualifying educational costs.

Tax-Deductible

Expenses that can be subtracted from one's taxable income, effectively reducing the tax liability.

SIMPLE Plan

Savings Incentive Match Plan for Employees, a type of tax-deferred employer-provided retirement plan that allows small businesses to set aside money and invest it for employees.