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Demand Deposits

Which of the ...

Question

Which of the following is a paper instructing the bank to pay a specific amount from one person's account to another person's account?

A

Cheque

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B

Loan

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C

Terms of credit

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D

Credit

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Solution

The correct option is A Cheque
When people wish to transfer money from one bank account to another, they usually write a cheque. A cheque is a paper instructing the bank to pay a specific amount from one person's account to another person's account. A cheque is deemed to be one of the modern forms of money.

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