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 definitive money on demand.
D)promises to pay coins minted from precious metals on demand.

Question

Quizplus · Accepted Answer

Checks are written promises to pay a certain amount of money on demand. They are widely accepted as a means of settling transactions in most industrialized countries, and are often preferred over the use of currency because they offer greater convenience and security in many circumstances. Checks are not backed by precious metals or other tangible assets, but rather by the creditworthiness of the issuer and the various banking institutions involved in processing and clearing the transaction.

Checks Are