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Money and Its Functions · Question 32 of 57

Question 32

MediumOriginal question

A shopkeeper refuses to accept a payment by credit card and asks for cash. The shopkeeper

breaks the law, because cards are legal tenderCorrect answerYour answermust accept the card if the amount is above ₹500Correct answerYour answeris within his rights, because a card payment is not legal tenderCorrect answerYour answercan refuse cash as wellCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer C

Correct answer: C

Only currency notes and coins are legal tender; other means of payment can be refused.

Concept: What may be refused
Typical timeTypical: 70 s
Your timeYours: —

The rule this testsLegal tender and fiat money

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