BANKING AFFAIRS

Detailed explanation-1: -Money serves several functions: a medium of exchange, a unit of account, a store of value, and a 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: -The 4 different types of money as classified by the economists are commercial money, fiduciary money, fiat money, commodity money. Money whose value comes from a commodity of which it is made is known as commodity money.