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<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Cheques, drafts are examples of:

A
Fiat money
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B
Commodity money
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C
Fiduciary money
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D
None of these
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Solution

The correct option is C Fiduciary money

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Fiduciary money refers to money backed up by trust between the payer and payee. Example: Cheques are fiduciary money as these are accepted as a means of payment on the basis of trust but not on the basis of any order of the government.

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