Which of the following sequences accurately describes the evolution of the payments system?
A) Barter, coins made of precious metals, paper currency, cheques, electronic funds transfers
B) Barter, coins made of precious metals, cheques, paper currency, electronic funds transfers
C) Barter, cheques, paper currency, coins made of precious metals, electronic funds transfers
D) Barter, cheques, paper currency, electronic funds transfers

Question

Quizplus · Accepted Answer

The evolution of the payments system historically began with barter as a direct exchange of goods and services. It then progressed to the use of coins made of precious metals as a more standardized form of currency. Paper currency was introduced next as a more convenient and lightweight option. Cheques came into use as a way to transfer money without the need for physical currency exchange. Finally, electronic funds transfers represent the modern era of digital transactions, allowing for the movement of money through electronic systems.

Which of the Following Sequences Accurately Describes the Evolution of the Payments