Which of the following money may not be acceptable by the public?

Cheques

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Credit cards

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Cheques and credit cards

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None of the above

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Solution

The correct option is C
Cheques and credit cards

Generally, cheques and credit cards are not accepted as money since their acceptance is on the basis of trust. A creditor can legally refuse to make payments through cheques because a cheque may be dishonoured by the issuer.

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Similar questions

State True or False. Credit card is a payment card which enables a purchase by money borrowed from the card issuer.

Q32) Consider the following statements about Payment Banks.

i) Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.

ii) They will not lend to customers and will have to deploy their funds in government papers and bank deposits.

iii) They can issuedebit cards and credit cards.

Which of the above statements is/are correct?

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