Banking Instruments and Payment Methods Quiz
6 Questions
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Banking Instruments and Payment Methods Quiz

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@AppreciativeRiver

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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?

    <p>NEFT</p> Signup and view all the answers

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

    <p>Standing order</p> Signup and view all the answers

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

    <p>Cards</p> Signup and view all the answers

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