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Basic Question 0 of 26
In order to function as a medium of exchange, money must ______
B. maintain a constant value over an extended period of time.
C. be generally accepted in exchange for goods and services.
A. be backed by gold or some precious commodity.
B. maintain a constant value over an extended period of time.
C. be generally accepted in exchange for goods and services.
User Contributed Comments 6
| User | Comment |
|---|---|
| SaeedAlam | If not backed by gold then it's value will fluctuate. |
| EMerkert | The dollar should be backed by gold or a precious commodity, but it is not, thanks Nixon. |
| leftcoast | And thanks EMerkert for an opinion that doesn't help anyone here. |
| jonan203 | opinion? or two thousand years of monetary history? all fiat currencies eventually return to their intrinsic value...zero -voltaire gold is money, and nothing else -jpmorgan |
| Inaganti6 | they won't ask us about our opinions on the test .... |
| Cartagena | +1 for keeping opinions out, but I agree |
Your review questions and global ranking system were so helpful.
Lina
Learning Outcome Statements
describe the measurement of inventory at the lower of cost and net realisable value and its implications for financial statements and ratios
CFA® 2026 Level I Curriculum, Volume 2, Module 6.