Can you assist me with this study question:

The velocity of money is:

I. nominal GDP divided by the nominal money supply.

II. the number of time the same dollar is spent in a year.

III. the money supply divided by price times quantity.

I only

II only

III only

I and II only

I, II, and III

Since MV=PY, I believe the answer is only #2. I don't understand 1 and 3 although I know from the course that 1 and 2 are correct. Can you assist me with understanding what 1 and 3 mean? Thank you!