Instruments of Exchange

An instrument of exchange can be described as anything that enables a transaction to take place.

• True

• False

Which of the following pictures best shows the functions of money?

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• 

All of the following are instruments of exchange/payment except

• promissory note

• debit card

• bill of exchange

• m-money/mobile money

One major difference between the credit card and the debit card is that the credit card is where you use the bank's money and you have to repay it with interest while the debit card is where you use your own money in your savings account.

• True

• False

Which is the odd one out

• 
• 
• 
• 

Which of the following instruments of exchange permits customers to lodge queries or complaints via the telephone?

• E-commerce

• Electronic Transfer

• Tele-banking

• Mobile Money

Businesses can advertise, purchase materials and sell their

products over the internet using which of the following instruments

• M-money

• E-commerce

• Bill of exchange

• Telephonic money order

This machine can be used to make payments to merchants with both your debit and credit card.

• True

• False

The abbreviation ATM located at the top of this machine stands for _________ _________ ________ .

A cheque drawn on a bank and not on the customer bank account is referred to as a

• Bank Draft

• Bill of Exchange

• Cheque