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March 29, 2024 

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LIQUIDITY: The ease of converting an asset into money (either checking accounts or currency) in a timely fashion with little or no loss in value. Money is the standard for liquidity because it is, well, money and no conversion is needed. Other assets, both financial and physical have varying degrees of liquidity. Savings accounts, certificates of deposit, and money market accounts are highly liquid. Stocks, bonds, and are another step down in liquidity. While they can be "cashed in," price fluctuations, brokerage fees, and assorted transactions expenses tend to reduce their money value. Physical assets, like houses, cars, furniture, clothing, food, and the like have substantially less liquidity.

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PROMISSORY NOTE: A written agreement to pay a specific amount of money at a specific time to a specific person with a specific interest rate charged until repayment is accomplished. Promissory notes are the most common method of formalizing consumer loan contracts. If you've borrowed the money needed to buy a house or car, then you've undoubtedly signed a promissory note. Promissory notes are also frequently used by businesses and government to borrow funds.

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MEDIUM OF EXCHANGE

The money function in which money is widely accept in exchange for goods and services. For an asset to function as a medium of exchange it needs value in exchange, but not necessarily value in use. This is one of four basic functions of money. The other three are unit of account, store of value, and standard of deferred payment.

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