I've always equated "higher on the neck" to mean moving closer to the bridge and away from the nut (headstock). I'd wager a guess that that is what most people assume when you say "higher on the neck". Of course I could be wrong. Not sure if there is a right answer or not.
As for the money position. You've got that one right too IMO. What most people expect from the bass player is something in the range of the first five frets as far as frequencies you should be covering. That's not to say that you can't or shouldn't ever play above the 5th fret but your role as bassist is a supporting role and not a lead role and in most peoples eyes moving higher up the neck

is implying that you are moving away from that supporting role and more towards the lead role. YMMV.