BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is a commonly accepted definition of money?
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Any good which is commonly uiesd as a store of value
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Any good which is exchanged foe gold at a fixed rate.
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Any good which is acceptable to a bank
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Any good which is commonly accepted as medium of exchange
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Explanation:
Detailed explanation-1: -Any commodity that is accepted as a medium of exchange is money.
Detailed explanation-2: -Further, all parties to the transaction must accept that standard. In modern economies, the medium of exchange is currency. Gold has served as a medium of exchange throughout history.
Detailed explanation-3: -Money is anything that serves as a medium of exchange. A medium of exchange is anything that is widely accepted as a means of payment.
Detailed explanation-4: -Money – The Definition 1 Money is a creature of the law. 2 Money is not tangible wealth in itself but a power to obtain wealth. 3 Money is a token, worthless of itself but symbolising wealth. 4 Money is an abstract social power based in law.
There is 1 question to complete.