Chapter 3 · Question 2
Describe modern forms of money.
Q2
Describe modern forms of money.
Answer Revealed
Direct Answer:
Modern forms of money include currency notes, coins, and demand deposits with banks. Demand deposits can be withdrawn when needed and used through cheques, cards, or digital transfers, making them widely accepted for payments.
Simple Explanation
Modern forms of money include currency notes, coins, and demand deposits with banks. Demand deposits can be withdrawn when needed and used through cheques, cards, or digital transfers, making them widely accepted for payments.
Exam-Ready Structure
Modern forms of money include currency notes, coins, and demand deposits with banks. Demand deposits can be withdrawn when needed and used through cheques, cards, or digital transfers, making them widely accepted for payments.
Key Points
- Modern forms of money include currency notes, coins, and demand deposits with banks.
- Demand deposits can be withdrawn when needed and used through cheques, cards, or digital transfers, making them widely accepted for payments.