1.Money has functions as a Medium of Exchange, a Measure of Value, and a Store of Value.
2. The different forms of money are in use in the United States today.
3. store of value means goods or services can be converted into4money.
4. The term currency refers to paper money issued by government, the term coin refers to metallic forms of money.
5. modern money still shares many of the same characteristics of primitive money.
6. Metallic coins last a long time under normal use7and generally do not go out of circulation8unless they are lost.
7. The penny which is the smallest denomination of coin10.
8. The fact, that the money supply11often grew at a rate 10 to 12 per cent a year was considered as major cause of inflation.
1.Banks provide a safe place for people to deposit their money1.
2.Banks lend excess funds2to individuals and business temporarily in need of cash3.
3. Its liabilities are the debts and obligations to others.
4. Its assets are the properties, possessions, and claims on others.
5. a balance sheet condensed statement showing all assets and liabilities at a given point of time.
6. The bank, however, might invest some of the cash in bonds.
7. The liquidity adds to the banks ability to serve its customers.
8. Once the bank attracts more funds, it can make more loans and more profits.
1.There are three types of taxes in the United States: proportional, progressive and regressive.
2. A sales tax is a general tax levied on consumer purchases of nearly all products.
3. Most states allow merchants to keep a small portion of what they collect to compensate for their time and book-keeping costs.
4.A main source of income is property tax.
5. Real property includes land, buildings and anything else permanently attached to them.
6. the tax assessor the person who places value on property for tax purposes.
1. In order to have an effective tax system, government must have criteria or standards.
2. Tax laws should be written so that both the taxpayer and tax-collector can understand them.
3. people do not always agree about what is or is not fair when it comes to taxes2.
4. The Benefit Principle of taxation is based on two ideas: those who benefit from government services should be the ones to pay for them and people should pay taxes in proportion to the amount of services or benefits they receive.
5. people should pay taxes in proportion to the amount of services or benefits they receive.
6. people with higher incomes suffer less discomfort than people with lower incomes even if they pay higher taxes.
7. Finally, the only means most people have of paying taxes is the income they earn.
