Question : Currency notes and coins are called ______.
Option 1: near money
Option 2: commodity money
Option 3: fiduciary money
Option 4: fiat money
New: SSC MTS 2024 Application Form OUT; Direct Link
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: fiat money
Solution : The correct option is fiat money .
Fiat money can exist in the form of currency notes and coins, and it is declared legal tender by the government. Fiat money refers to a type of 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 trust and confidence that people have in the government or authority that issues it.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : Choose the sentence with no spelling errors.
Question : In a bag, there are coins of INR 2, INR 5 and INR 10 denominations. The total number of coins in the bag is 300. If the number of coins of INR 2, INR 5 and INR 10 denominations are in the ratio of 1 : 2 : 3, then what is the total amount of money in the bag?
Question : There are 480 coins in half rupees, quarter rupees, and 10 paise coins and their values are proportional to 5 : 3 : 1. The number of coins in each case is:
Question : In a wallet, there are coins of Re. 1, Rs. 2 and Rs. 5 in the ratio of 2 : 5 : 3 respectively. If there is Rs. 54 in all, then how many Rs. 5 coins are there?
Question : What is the total stock of money in circulation among the public at a particular point in time called?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile