Money which is bound to be accepted by law in exchange for goods and services and in the discharge of debts is called

Overdraft

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Legal tender money

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Cheques

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None of the above

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Solution

The correct option is B
Legal tender money

Currency notes and coins issued by the central bank is the legal tender money which everyone is bound to accept by law in exchange for goods and services and in the discharge of debts.

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___ refers to a social process whereby people exchange goods and services for money or for something of value to them.

Exchanging goods or services for other goods or services without using money is called _____.

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