BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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money
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men
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machines
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Detailed explanation-1: -In modern economies, the medium of exchange is currency.
Detailed explanation-2: -Money: A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.
Detailed explanation-3: -Money is called medium of exchange because money is a widely accepted token that can be used for exchange of any good or service. In old days, barter system was used as medium of exchange and later it was gold.
Detailed explanation-4: -2. What is legal tender? Legal Tender is a coin or a banknote that is legally tenderable for discharge of debt or obligation.
Detailed explanation-5: -A banknote is payable to the bearer on demand, and the amount payable is apparent on the face of the note. Banknotes are considered legal tender; along with coins, they make up the bearer forms of all modern money. A banknote is known as a “bill” or a “note."