BANKING AFFAIRS

Detailed explanation-1: -So money serves all of these functions-it is a medium of exchange, store of value, unit of account, and standard of deferred payment.

Detailed explanation-2: -To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange.

Detailed explanation-3: -Money is a liquid asset used to facilitate transactions of value. It is used as a medium of exchange between individuals and entities. It’s also a store of value and a unit of account that can measure the value of other goods.

Detailed explanation-4: -Money is defined as a unit of measure that is generally accepted and recognized as a medium of exchange in the economy. For a commodity or currency to be recognized as money, it must be fungible, stable, recognizable, portable, and durable.