1
Question
A cheque is fiat money.
A cheque is fiat money.
Open in App
Solution
The correct option is B False
ANS. B
Fiat money is one that is declared legal tender. This
includes any form of currency in circulation such as paper money or coins. Fiat
money is backed by a country's government instead of a physical commodity. Fiat money is physical
money—paper money and coins, while representative money is something that
represents the intent to pay . Cheque is
not a fiat money because it is not backed by the central bank or RBI.
ANS. B
Fiat money is one that is declared legal tender. This includes any form of currency in circulation such as paper money or coins. Fiat money is backed by a country's government instead of a physical commodity. Fiat money is physical money—paper money and coins, while representative money is something that represents the intent to pay . Cheque is not a fiat money because it is not backed by the central bank or RBI.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
