MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Cashless Payment Methods

Archana is a ...

Question

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?

A

Cheque

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

Demand deposit

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Demand draft

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Promissory note

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A Cheque
Archana can simply write cheques filling in the specific amounts. This would instruct the bank to pay a specific amount from Archana's account to the account of the person in whose name the cheque has been issued.

Cheques are given in the form of a booklet known as chequebook.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Businesspersons tend to use savings deposits to facilitate frequent transactions.

Q. Which of the following fund transfer mechanisms can be moved from one bank to another and where the transaction is settled instantly without being bunched with any other transaction?

Q. Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called _________________.

Q. Book-keeping is concerned with the ______ of transactions while Accounting is concerned with the _______ of the recorded transactions.

Q. Identify the bank in which you as an individual or a businessman cannot go to in order to make financial transactions?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Adaptive Q14

ECONOMICS

Watch in App

explore_more_icon

Explore more

Cashless Payment Methods

Standard IX Economics

Join BYJU'S Learning Program

CrossIcon