Question

Differentiate between Standard money and Bank money.

Answer 1

1:Standard money is a monetary unit which is designated by a government to serve as the basis of its currency system and into which other types of money in the country are convertible — compare the standard of value.
2: Bank Money can be defined as anything that acts as a medium of exchange, store of value, and unit of accounting to facilitate economic activities and transactions. E.g. Currency – paper notes and coins, Demand Deposits, Bankers Cheque.