'Money' is:
A)an asset that people are generally willing to accept in exchange for goods and services.
B)a liability that people are willing to accept in exchange for goods and services.
C)the income a person earns over a period of time.
D)a person's assets net of liabilities at any point in time.

Question

Quizplus · Accepted Answer

Money is generally accepted as a medium of exchange for goods and services, which makes it an asset that people are willing to accept. It is not a liability, which means it is not something that people owe but rather something that people own. While earning income can result in an increase in one's money, money itself is not equivalent to income. Similarly, a person's assets net of liabilities is known as their net worth, not their money.

'Money' Is