A1 - Functions of Money
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Last updated 6:31 PM on 9/13/23
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8 Terms
1
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Barter
system of the exchange of goods and services
2
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Money - Personal
widely used for making payments and accounting for debits and credits. flows in and out.
comes from many sources eg: wages, gifts, savings. goes out for necessities and wants
comes from many sources eg: wages, gifts, savings. goes out for necessities and wants
3
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Money - Business
goes out to pay day-to-day expenses and fund expansion. eg: sales, bank loans, selling shares
4
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Float on Stock Market
for those who have bought shares in a market. as they reinvest their funds the share price increases and the investor will receive a dividend
5
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Unit of Account
allows us to place monetary value on goods and services
the price of goods and services show us the unit of account/value
the price of goods and services show us the unit of account/value
6
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Means of Exchange
businesses and customers can buy/sell goods or services using money
allows trade
allows trade
7
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Store of Value
can be used in the future as it keeps its value
saving allows us to buy goods and services in the future
saving allows us to buy goods and services in the future
8
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Legal Tender
legally recognised as a form of payment
money is widely used and recognised for money transactions eg: receiving wages, deposits and payments
money is widely used and recognised for money transactions eg: receiving wages, deposits and payments
Note 
Flashcards (29)