Checks are
A) not acceptable for settling transactions in most industrialized countries.
B) less important than currency as a means of settling transactions.
C) promises to pay, on demand, money deposited with a financial institution.
D) promises to pay, on demand, coins minted from precious metals.

Question

Quizplus · Accepted Answer

Checks are written promises to pay a certain amount of money, typically from one bank account to another, and are considered a widely accepted method of payment in most industrialized countries. They are not physical currency like coins or bills, but rather a means of transferring funds electronically between accounts.

Checks Are