If you use a check to pay your monthly rent,
A. the check is not money because it is not part of M1.
B. you have used money because the landlord accepted it as a means of payment.
C. the check is considered money because you received something in return.
D. the check becomes money when it arrives at the landlord's bank.
E. the check is not money because it is just an instruction to your bank to make a payment

Question

08-04-2021
Business

Answered

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If you use a check to pay your monthly rent,
A. the check is not money because it is not part of M1.
B. you have used money because the landlord accepted it as a means of payment.
C. the check is considered money because you received something in return.
D. the check becomes money when it arrives at the landlord's bank.
E. the check is not money because it is just an instruction to your bank to make a payment

Sagot :

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ewomazinoade ewomazinoade · Answer 1 · 2021-04-11T20:39:01-04:00

Answer:

E

Explanation:

Money is an economic unit that is generally accepted as a medium of exchange in the economy

Functions of money

1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $20 for your favourite jeans

2. Unit of account : money can be used to value goods and services, For example, $20 is the value of your favourite jeans

3. Store of value : money can retain its value over the long term, this it can be used as a store of value

M1 includes the most liquid from of money. It includes currency, demand deposits and checking account.

A check is not a form of money. It can be defined as a note or an instruction to a bank to make a payment. The payment can either be honoured or not be honoured

Sagot :

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