Question

Write a note on ‘Modern Forms of Money’

Answer 1

Answer:

Modern forms of money are:

1. Currency-paper notes and coins. They are not made of precious things and are not of daily use. They are accepted as a form of money because of government authorization.

2. Bank deposits are also a form of money. People can open bank accounts and make demand deposits.

3. Cheques act as a medium of exchange possible through bank accounts. It's a paper that makes the bank transfer money from one person's account to another.

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Answer 2

Answer:

Modern forms of money are:

Currency-paper notes and coins. They are not made of precious things and are not of daily use. ...

Bank deposits are also a form of money. People can open bank accounts and make demand deposits.

Cheques act as a medium of exchange possible through bank accounts.

Explanation:

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