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Functions of Money

Last updated about 6 years ago

5 questions

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Question 1

1.

Sawyer puts money in a savings account each month. He hopes to be able to use it in the future. In this case, money serves as

a store of value.

a medium of exchange

a unit of account / standard of value

Question 2

2.

Sinclair takes her money to Target and buys an LOL Doll. In this case, money serves as a

medium of exchange

unit of account / standard of value

a store of value

Question 3

3.

Reid has $20. He wants a Lego set. He sees that the Lego set is $36 and knows he does not have enough money. In this case, money serves as a

medium of exchange

store of value

unit of account / standard of value

Question 4

4.

Abby paid $40 for an iTunes card. Abby used money as

a unit of account / standard of value

a medium of exchange

a store of value

Question 5

5.

Emily went to the store. She found two shirts of equal quality that she liked. One shirt cost $40. The other cost $20. How is Emily using money?

a unit of account / standard of value

a medium of exchange

a store of value