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Question : The process of converting digital money back into cash is called ___________.

 

Option 1:  Withdrawal

Option 2:  Deposit

Option 3: Remittance

Option 4: Conversion


Team Careers360 14th Jan, 2024
Answer (1)
Team Careers360 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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