Commerce Exam > Commerce Questions > Currency notes and coins are called as:a)Flat...
Start Learning for Free
Currency notes and coins are called as:
- a)Flat money
- b)Legal tenders
- c)Fiat money
- d)Both b and c
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fi...
Fiat money refers to any currency lacking intrinsic value that is declared legal tender by a government .so currency notes and coins are called as both legal tender and fiat money
Free Test
FREE
| Start Free Test |
Community Answer
Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fi...
Currency notes and coins are called as legal tenders, which are a form of fiat money.
Legal Tenders:
Legal tender refers to the currency that is recognized by the government as a valid means of payment for goods and services. In most countries, legal tender includes both currency notes and coins issued by the central bank or government.
Fiat Money:
Fiat money is a currency that has no intrinsic value and is not backed by a physical commodity like gold or silver. Instead, its value is derived from the government's decree or fiat that it will be accepted as a means of payment.
Flat Money:
Flat money is a term used to describe legal tender that is not backed by a physical commodity. This includes currency notes and coins that are not backed by any physical asset like gold or silver.
Both legal tenders and fiat money are closely related as legal tenders are a form of fiat money. All legal tenders are fiat money, but not all fiat money is legal tender. For example, bank deposits are a form of fiat money but are not legal tender.
In conclusion, currency notes and coins are called legal tenders, which are a form of fiat money that is not backed by a physical commodity.
Legal Tenders:
Legal tender refers to the currency that is recognized by the government as a valid means of payment for goods and services. In most countries, legal tender includes both currency notes and coins issued by the central bank or government.
Fiat Money:
Fiat money is a currency that has no intrinsic value and is not backed by a physical commodity like gold or silver. Instead, its value is derived from the government's decree or fiat that it will be accepted as a means of payment.
Flat Money:
Flat money is a term used to describe legal tender that is not backed by a physical commodity. This includes currency notes and coins that are not backed by any physical asset like gold or silver.
Both legal tenders and fiat money are closely related as legal tenders are a form of fiat money. All legal tenders are fiat money, but not all fiat money is legal tender. For example, bank deposits are a form of fiat money but are not legal tender.
In conclusion, currency notes and coins are called legal tenders, which are a form of fiat money that is not backed by a physical commodity.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer?
Question Description
Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer?.
Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Currency notes and coins are called as:a)Flat moneyb)Legal tendersc)Fiat moneyd)Both b and cCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup