Answer:
Functions of Money:
Money is a medium of exchange that is widely accepted in transactions for goods and services. It has several functions, including:
1. Medium of exchange: Money is used as a medium of exchange to buy goods and services.
2. Unit of account: Money serves as a unit of account, which means it is used to measure the value of goods and services.
3. Store of value: Money can be saved and stored for future use, making it a store of value.
4. Standard of deferred payment: Money can be used to settle debts and obligations in the future.
Types of Business Organizations:
There are several types of business organizations, including:
1. Sole proprietorship: This is a business owned and operated by a single individual. The owner is responsible for all aspects of the business, including finances, liabilities, and profits.
2. Partnership: This is a business owned and operated by two or more individuals. The partners share the profits and liabilities of the business.
3. Corporation: This is a legal entity that is separate from its owners. Corporations have the ability to raise funds through the sale of stocks, and the liability of the owners is limited to their investment in the corporation.
4. Limited Liability Company (LLC): This is a hybrid business structure that combines the liability protection of a corporation with the tax benefits of a partnership. The owners of an LLC are referred to as members.
5. Cooperative: This is a business owned and operated by a group of individuals for their mutual benefit. The members of the cooperative share the profits and decision-making responsibilities.