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Banking Instruments and Payment Methods Quiz

6 Questions

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Banking Instruments and Payment Methods Quiz

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Questions and Answers

Which of the following is considered a legal tender in a bank account?

Credit card

Bitcoin

Cheque

Deposited money (correct)

What are the tools or instruments used to utilize legal tender for making payments?

Paper order (cheque), Electronic order (NEFT, RTGs, UPIs), Cards (correct)

Cash only

Stock certificates

Gold bars

In how many ways can payments be made using the tools/instruments for legal tender?

3 ways: Immediate, Deferred, and Future payment

1 way: Immediate payment

2 ways: Immediate/spot payment and Deferred (standing order) (correct)

4 ways: Immediate, Deferred, Future, and Recurring payment

Which of the following is an example of an electronic order for utilizing legal tender?

NEFT Signup and view all the answers

What is the term used for a payment made using legal tender that is deferred and scheduled?

Standing order Signup and view all the answers

Which tool/instrument is commonly used for immediate/spot payment using legal tender?

Cards Signup and view all the answers

Banking Instruments and Payment Methods Quiz

Choose a study mode

Podcast

Questions and Answers

Which of the following is considered a legal tender in a bank account?

What are the tools or instruments used to utilize legal tender for making payments?

In how many ways can payments be made using the tools/instruments for legal tender?

Which of the following is an example of an electronic order for utilizing legal tender?

What is the term used for a payment made using legal tender that is deferred and scheduled?

Which tool/instrument is commonly used for immediate/spot payment using legal tender?

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