Financial Management and Planning — Important Questions

Buying good quality vegetables with money

Indirect income includes material goods and services available only after some means of exchange, usually money, has been obtained.

The satisfaction from ownership and use of goods and services

Psychic income is the satisfaction that comes from ownership and utilisation of goods and services.

Medium of exchange, Measurement of value

Money mainly serves as a medium of exchange and as a measure of value.

Anything which is generally acceptable in exchange of commodities and in terms of which the value of other commodities is determined

Money is defined as anything generally acceptable in exchange of commodities and used to determine the value of other commodities.