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 coins minted from precious metals on demand.

Question

Quizplus · Accepted Answer

Checks are written promises to pay a specified amount of money on demand to the person or entity named on the check. To be valid, they must be drawn on a bank account and signed by the account holder. Checks are widely used in many industrialized countries as a means of settling transactions, especially for larger amounts or when the parties involved do not have direct access to each other's bank accounts.

Checks Are