Answer:
anything that both buyers and sellers will accept in exchange for goods and services
Explanation:
Money is anything that is accepted as payment for goods or services or as repayment of debt. According to economists, money refers to something beyond just paper bills and coins. It is a medium of exchange
, unit of account and store of value. Money can be used to transport purchasing power from one time period to another.
Answer: A clear statement of the problem
Explanation:
The opening of a direct claim message should clearly state the problem that you would like to be addressed by the receiver and would set the tone for the rest of the message.
Claim messages are formal messages and as such, should be clear and concise so that the message is communicated effectively and there is a lesser chance of the message being misread. This is why the message should be clearly stated, so that the receiver understands it and responds in kind.
Answer:
An economic system is defined by the way scarce resources are distributed in an economy.
There are 4 types of major economic systems which are following;
- A mixed economy is an economic system, like its name is a mix of elements of planned economies, free markets with intervention of the state and public enterprises.
- A command economy is a system where the government is key decision maker of what goods and services will be produced and introduced by the economy.
- A market economy is the one in which the investment, production and distribution are dictated by the forces of demand and supply.
- A traditional economic system is a result of customs, history and cultural norms which include the rules and manner of their distribution as well.
That would be known as taxable income
Answer:
The amount of interest revenue that should be recorded for year 1 is $20.
Explanation:
- A note otherwise known as promissory note is an unconditional written promise by a borrower to a lender (payee) to pay a certain agreed sum at a specific date.
- The interest revenue on notes receivable is calculated by Principal x Interest rate x Time period
- In the case of ABC, Inc., the interest revenue to be recorded for year 1 (November 1 - December 31) is calculated as follows: $1,500 x 8%/12 = $10 monthly. For the 2 months, it is $10 x 2 months = $20.
