Checks are NOT money because they
A) are merely instructions to transfer money.
B) have value in exchange but little intrinsic value.
C) are issued by banks, not by the government.
D) are not backed by either gold or silver.

Question

Quizplus · Accepted Answer

Checks are not considered money because they are simply written instructions or orders for transferring money from one person, business or institution to another. They have no intrinsic or inherent value of their own and are not backed by any commodity such as gold or silver. While they may have value in exchange, they are not considered legal tender and are only as valuable as the funds they represent. Furthermore, checks are issued by banks or financial institutions, not by the government.

Checks Are NOT Money Because They