Checks and credit cards are NOT considered money because they
A) typically require an identification check, such as your driver's license.
B) are not backed by all commercial banks.
C) are not the means of payment.
D) are issued by banks, not the Federal Reserve.

Question

Quizplus · Accepted Answer

Checks and credit cards are not considered money because they are not the actual means of payment. Rather, they serve as instruments that facilitate the transfer of funds from one account to another. Money, on the other hand, is a medium of exchange that can be used to purchase goods and services directly.

Checks and Credit Cards Are NOT Considered Money Because They