mathJames Cano
Chapter 14
Section 1 * Money: anything customarily used as a medium of exchange, a unit of accounting, and a store of value * Medium of exchange: use of money for exchange for goods or services * Barter: exchange of goods and services for other goods and services * Until of accounting: use of money as a yardstick for comparing the values of goods and services in relation to one another * Store of value: use of money to store purchasing power for later use * Commodity money: a medium of exchange such as cattle or gems that has value as a commodity or good aside from its value as money * Representative money: money that is backed by an item of value, such as gold or silver * Fiat money: money that has value because a government fiat, or order, has established it as acceptable for payment debts * Legal tender: money that by law must be accepted for payment of public and private debts 3. No I would not refuse to get paid in cash or check because money is money and they all have monetary value. 4. Inflation affects money as a store of value because if more money would be printed, the money that is already circulated would not be of much value since there are so many going around. 5. Money should be durable. It should withstand wear and tear and last multiple years, depending if it is paper or coin. It should also be portable and easy to carry, even if carrying large amounts. It should also be divisible meaning that purchases of any price can be made.
Section 2 * Overdraft checking: checking account that allows a customer to write a check for more money than exists in his or her account * Electronic funds transfer (ETF): system of transferring funds from one bank account directly to another without any paper money changing hands * Automated teller machine (ATM): unit that allows