The first and foremost role of money is that it acts as a :

Medium of exchange

The correct answer is option (2) : Medium of exchange

The first and foremost role of money is that it acts as a medium of exchange. This means it facilitates transactions by serving as a widely accepted intermediary in trade, allowing goods and services to be exchanged easily without the need for barter.

The other functions of money are often summarize as follows :

Unit of Account :Money serves as a unit of account providing a common measures for the value of goods and services. Prices are expressed in terms of the monetary unit, allowing for easy comparison and valuation.

Store of Value : Money can cat as a store of value allowing individuals to save and store wealth for future use. Unlike perishable goods, money retains its value over time, making it a convenient way to hold and transfer wealth.

Standard of Deferred Payment : Money serves as a standard for deferred payments, allowing individuals to make transactions where the payment is postponed to a future date. Contracts , loans , and other financial agreements are often denominated in terms of the monetary unit.

Measure of value  :Money provides a common measure of value, facilitating economic calculations and comparisons. It allows individuals and businesses to assess the relative worth of different goods and services.