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Money and Its Functions · Question 25 of 57

Question 25

EasyOriginal question

Legal tender is money that

is accepted only by banksCorrect answerYour answercan be refused if the receiver prefersCorrect answerYour answeris backed fully by goldCorrect answerYour answercannot be refused by anyone in settlement of a paymentCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer D

Correct answer: D

Currency notes and coins are legal tender: the law requires them to be accepted.

Concept: Legal tender
Typical timeTypical: 40 s
Your timeYours: —

The rule this testsLegal tender and fiat money

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