When we keep part of our wealth in a bank checking account,we are using money as a ________ because ________.
A)store of value;we are holding the money to exchange for goods at a later time
B)medium of exchange;we are holding the money to gain interest earned
C)barter token;we are holding the money to exchange for goods at a later time
D)unit of account;we are holding the money to exchange for goods at a later time
E)unit of currency;we have agreed upon the value of the money with bank

Question

Quizplus · Accepted Answer

When we keep part of our wealth in a bank checking account, we are using money as a store of value because we are holding the money to exchange for goods at a later time. A store of value is an asset that maintains its value over time and can be used to make future purchases. In this case, we are keeping money in the bank to use it as a means of payment in the future.

When We Keep Part of Our Wealth in a Bank