What is one function of money? Options: Medium of exchange, Transfer of ownership, Creation of equity, Risk management

Business Admin Finance (1)

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•
Business
•
9th - 12th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
Medium of exchange
Answer explanation
2.
FLASHCARD QUESTION
Front
Which of the following best explains the time value of money? Options: Money loses value over time due to inflation., A dollar today is worth more than a dollar in the future., Money gains value over time when invested in tangible assets., Savings accounts eliminate the time value of money.
Back
A dollar today is worth more than a dollar in the future.
Answer explanation
3.
FLASHCARD QUESTION
Front
What is an example of a legal responsibility associated with financial exchanges?
Back
Ensuring accurate tax filings
Answer explanation
4.
FLASHCARD QUESTION
Front
Which type of income is classified as 'passive'? Options: Dividends from stocks, Salaries and wages, Freelance consulting fees, Bonus payments
Back
Dividends from stocks
Answer explanation
5.
FLASHCARD QUESTION
Front
Why is it important to maintain accurate financial records?
Back
To meet regulatory requirements
Answer explanation
6.
FLASHCARD QUESTION
Front
What is a common reason individuals set financial goals? Options: To reduce discretionary spending, To improve income consistency, To prioritize savings and investments, To avoid inflation
Back
To prioritize savings and investments
Answer explanation
7.
FLASHCARD QUESTION
Front
What is the purpose of reconciling a bank statement? Options: Ensuring that interest rates are accurately applied, Validating credit transactions, Comparing personal records with bank records, Reducing overdraft penalties
Back
Comparing personal records with bank records
Answer explanation
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