Demand Deposits

Q.

Name the place where money is coined?

Q. Which of the following is not a modern form of money?

1. Notes
2. Cheques
3. Deposits
4. Shells

Q. The deposits one can withdraw on demand are known as demand deposits.

1. False
2. True

Q. Demand deposits are considered to be money because of this feature:

1. medium of exchange
2. ease of transport
3. ability to be stored
4. capacity to store

Q. A ________ is a paper instructing the bank to pay a specific amount from a person's account to the account of the person in whose name the cheque has been issued.

1. currency
2. demand deposit
3. cheque
4. promissory note

Q.

Which of the following is not considered cash?

1. Money and coins

2. Cheques and money order

3. IOUs

4. Unrestricted, accessible amounts in foreign banks

Q. Archana is a businessperson who makes transactions on the go. Which of the following instruments would come in handy while transacting funds to others' accounts?

1. Cheque
2. Demand deposit
3. Demand draft
4. Promissory note

Q. Identify the details that need to be filled in a cheque.

1. Name
2. Date
3. Account number
4. Time
5. Amount in words
6. Cheque number
7. Signature
8. Address

Q.

What are bills of exchange? Give an example.

Q. Which of the following is a paper instructing the bank to pay a specific amount from one person's account to another person's account?

1. Cheque
2. Loan
3. Terms of credit
4. Credit

Q. What do you think would happen if all the depositors went to ask for their money at the same time?