Money performs its function in three ways. For each of the following situations, identify and explain...

Money performs its function in three ways. For each of the following situations, identify and explain the ONE unique and particular function of money that is being emphasized:

John expects to be laid off in two months. He needs to have access to a rainy day fund and decides to increase the balance in his savings account.

Jeremiah wants to compare the value of movie tickets and DVDs, and checks the price of each of these goods as quoted in US dollars.

Ashley accepts money for performing her daily tasks as a paralegal at a law firm. She needs to use that money to buy goods and services.

Expert Solution

Mainly there are three functions perform by the money

Medium of exchange

Store of value

Unit of account

A) In this statement, John is expecting to be out from the workplace within two months. He needs fund to have good funding in rainy days. Therefore, he saves money in the saving account. Here, money works as store of value. With the stored value John can have help in difficult time period. Here , money has precautionary motive.

B) Jeremiah wants to compare the value of movie tickets and DVDs, and checks the price of each of these goods as quoted in US dollars. Here money functions as unit of account. Money is a unit of account. Money works as Yardstick; we use the value of economic transaction.

C) Ashley accepts money for performing her daily tasks as a paralegal at a law firm. She needs to use that money to buy goods and services. Here money serves as medium of exchange .Here , money is used to buy goods and services. Here , money has transactive motive .

Rahul Sunny answered 1 year ago

In each of the following situations, identify one or more ways that cultural differences may be...

In each of the following situations, identify one or more ways that cultural differences may be leading to miscommunication. 1. Alan is a U.S. sales representative in South America. He makes appointments and is careful to be on time. But the person he’s calling on is frequently late. To save time, Alan tries to get right to business. But his hosts want to talk about sightseeing and his family. Even worse, his appointments are interrupted constantly, not only by business...

7. Identify each of the mentioned nuclear subcompartments and and function(s) that each performs. 8. Describe...

7. Identify each of the mentioned nuclear subcompartments and and function(s) that each performs. 8. Describe the functions of the nucleolus. 9. Briefly describe how the rRNA molecules are made and processed and assembled into ribosomal subunits 10. Describe the process of making tRNAs.

Identify which control activity is violated in each of the following situations and explain how the...

Identify which control activity is violated in each of the following situations and explain how the situation creates an opportunity for a fraud. 1. The person with primary responsibility for reconciling the bank account is also the company’s accountant and makes all bank deposits. 2. Ironwill Company’s treasurer received an award for distinguished service because he had not taken a vacation in 30 years. 3. In order to save money on order slips, and to reduce time spent keeping track...

What are the three main functions of money? Explain each function using the example of how...

What are the three main functions of money? Explain each function using the example of how cigarettes performed each function in the prisoner of war camp article. Which function is the most important and why?

There are three specific ways available to the Federal Reserve to alter the money supply? Identify...

There are three specific ways available to the Federal Reserve to alter the money supply? Identify each method and explain each one works. Which one is applied most often and why is this the case?

For each of the following situations, (1) identify the population and sample, (2) explain what µ...

For each of the following situations, (1) identify the population and sample, (2) explain what µ and represent, and (3) decide if the necessary assumptions for constructing a confidence interval are met. Traffic engineers wanted to know if traffic has increased lately in Clarksville. 200 volunteers installed apps on their mobile phones to track their movements, and the engineers computed the average speed for their commutes to work each day. A farmer wanted to know how a new fertilizer would...

Question 1 The following are independent situations. Required For each of the two independent situations, identify...

Question 1 The following are independent situations. Required For each of the two independent situations, identify two control weaknesses, and explain the implications of these weaknesses for the company’s accounting records. (4 marks for each situation). Prepare your answer in the following format: Internal Control Weakness Implication for Company’s Accounting Records (Example only — no marks) The store does not use serially pre-numbered sales invoices. Sales invoices could be lost or omitted and sales would be understated. (Example only —...

Identify three ways to get involved in international business. Explain.

Identify THREE ways that sexual reproduction increases genetic variability. For each, explain how it increases genetic...

Identify THREE ways that sexual reproduction increases genetic variability. For each, explain how it increases genetic diversity among the offspring.

Identify three possible outcomes of poor assessment in crisis situations. Formulate ways in which you would...

Identify three possible outcomes of poor assessment in crisis situations. Formulate ways in which you would avoid these outcomes.

Question