Which of the following payment instruments introduced by the banks is known as plastic money ?

Correct answer: B. Credit Cards

  • A. Bearer cheques
  • B. Credit Cards
  • C. Demand Drafts
  • D. Gift Cheques

Explanation

Credit cards are called plastic money because they are plastic payment cards that allow purchases on credit. Cheques and demand drafts are paper-based payment instruments.

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Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.

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