Question : The process of converting digital money back into cash is called ___________.
Option 1: Withdrawal
Option 2: Deposit
Option 3: Remittance
Option 4: Conversion
Answer (1)
17th Jan, 2024
Correct Answer: Withdrawal
Solution : The correct answer is (a) Withdrawal.
The process of converting digital money back into cash is called withdrawal. When you have digital money in your bank account or other electronic payment systems, you can withdraw it in the form of physical currency (cash) by visiting a bank branch, an ATM (Automated Teller Machine), or using other withdrawal methods provided by the financial institution. During a withdrawal, the digital money held in your account is debited, and an equivalent amount in cash is provided to you.
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