Question : Money which is accepted as a medium of exchange because of the trust between the payer and the payee is called:
Option 1: Full-bodied money
Option 2: Credit money
Option 3: Fiat money

Option 4: Fiduciary money

Question

Question : Money which is accepted as a medium of exchange because of the trust between the payer and the payee is called:

Option 1: Full-bodied money

Option 2: Credit money

Option 3: Fiat money

Option 4: Fiduciary money

Team Careers360 · Accepted Answer

Correct Answer: Fiduciary money

Solution : The correct answer is (d). Fiduciary money

Fiduciary money refers to money that is accepted as a medium of exchange based on the trust or confidence between the payer (person making the payment) and the payee (person receiving the payment). It is a form of money that relies on the trustworthiness and credibility of the issuing authority or institution.

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Question : Money which is accepted as a medium of exchange because of the trust between the payer and the payee is called:Option 1: Full-bodied moneyOption 2: Credit moneyOption 3: Fiat money Option 4: Fiduciary money

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Question : Money which is accepted as a medium of exchange because of the trust between the payer and the payee is called:
Option 1: Full-bodied money
Option 2: Credit money
Option 3: Fiat money

Option 4: Fiduciary money