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11 July, 00:34

You put $1,000 from your birthday cash in your college savings account. This statement best illustrates money used as a

a) store of value.

b) medium of exchange.

c) unit of account.

d) liquid asset.

e) liability.

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Answers (1)
  1. 11 July, 01:29
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    a) store of value.

    Explanation:

    The store of value represents the security of an asset by saving, retrieving or exchanging at a later value. Like gold and other precious goods are kept on locker so that they are safe.

    The medium of exchange is a medium through which the goods are exchanged either by sale motive or purchase motive between the parties involved.

    The unit of account determines the measurement of a unit i. e currency, dollars, etc

    The liquid asset and the liabilities are the parts of the balance sheet.
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