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JAMB Commerce 2007 Question 47

Question 47

Money

A credit instrument which also serves as a legal tender is

  1. A.cheque
  2. B.paper money
  3. C.voucher
  4. D.money order.
Show the answer and explanation

Answer: B (paper money)

Explanation

Paper money (bank notes) is a promise by the central bank and must be accepted in payment by law.