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UI Post-UTME Commerce 2024 Question 11

Question 11

Money

Cheques are NOT money because

  1. A.Their use is confined to business activities
  2. B.There are few banks in the rural areas
  3. C.They are not issued by the government
  4. D.They are not generally acceptable as a medium of exchange
  5. E.They are near money
Show the answer and explanation

Answer: D (They are not generally acceptable as a medium of exchange)

Explanation

Money must be generally acceptable; a cheque can be refused, so it is not money.