Checkable deposits are money because they are

Question

Quizplus · Accepted Answer

Checkable deposits are a medium of exchange, as they can be used to purchase goods and services, and can be easily converted into cash or transferred to other accounts. While they are not legal tender (the government does not guarantee their value), they are still considered a type of money as they are widely accepted and used for transactions. Fiat money and token money refer to specific types of currency, and are not necessarily applicable to checkable deposits.

Checkable Deposits Are Money Because They Are