Whatever Functions as Money Must Be

question 64

Multiple Choice

Whatever functions as money must be

• A)authorized by the government
• B)accepted for deposit by banks
• C)backed by precious metals like gold or silver
• D)completely indestructible
• E)limited in supply

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Definitions:

Endorser

A person who signs their name on a document, often a check, to indicate their approval or to transfer ownership to another party.

Drawer

In a financial context, the person who writes or issues a check or draft instructing a bank to pay a specified sum of money to a designated party.

Liable

Legally responsible or obligated.

Promissory Note

A written and legally binding promise to pay a specific sum of money to a designated party at a specified time or on demand.