Identify the correct statement regarding cash:
A)Cash is the most commonly used payment instrument.
B)Cash is frequently used for small-value payments .
C)The proportion of payments made with cash has been declining.
D)Cash is a payment instrument but not a payment order.
E)All of these.

Question

Quizplus · Accepted Answer

All the given statements are correct. Cash is the most commonly used payment instrument for small-value payments but its use has been declining with the growth of electronic payment options. Cash is a payment instrument as it physically represents the value of money but it is not a payment order which instructs a bank to transfer funds from one account to another.

Identify the Correct Statement Regarding Cash