Question 6 - MCQ Questions (1 Mark) - Chapter 3 Class 10 Economics - Money and Credit - Economics

Last updated at Dec. 13, 2024 by

A cheque like currency notes act as:

(A) cash

(B) a store of value

(C) a medium of exchange

(D) a demand deposit

 

Answer: 

So the correct answer is (C) - a medium of exchange.

Explanation

A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been issued . So it acts as a medium of exchange.

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Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science and Computer Science at Teachoo