A passbook savings account serves as

Question

Quizplus · Accepted Answer

A passbook savings account is designed to be a safe and secure way to store money and earn interest over time. It is primarily intended as a store of value, and not as a medium of exchange. While it is possible to withdraw money from a passbook account, this is typically done in person at a bank branch, and not through transactions with other parties like a currency or checking account might be used for. Therefore, the best choice is C, as passbook savings accounts are primarily a store of value but not a medium of exchange.

A Passbook Savings Account Serves as