You spend $20 to buy a used textbook at the college bookstore. What function does money perform here?
A) medium of exchange
B) store of value
C) unit of account
D) standard of deferred payment
Ans: A) medium of exchange
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When people make choices that (at the time and with the information they have at their disposal) give them the greatest amount of satisfaction, they are said to be:
a. behaving irrationally. b. applying econometric models to their everyday behavior. c. living under a communist dictator. d. acting in their own self-interest. e. showing no willingness to plan for the future.
In recording an accounting transaction in a double-entry system
A. the number of debit accounts must equal the number of credit accounts. B. there must only be two accounts affected by any transaction. C. there must always be entries made on both sides of the accounting equation. D. the amount of the debits must equal the amount of the credits.