In the world of banking,checks are
A)written instructions from a depositor to the bank
B)written instructions from one depositor to another depositor
C)a form of commodity money
D)token money
E)fiat money

Question

Quizplus · Accepted Answer

Checks are written instructions from a depositor to the bank directing the bank to pay a specific sum of money to a designated recipient. It is not a form of commodity money, token money, or fiat money as it does not have any intrinsic value and its value is based solely on the trust in the banking system.

In the World of Banking,checks Are