SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Monetary Instruments, Principles and Logic of Acceptance
Monetary Instruments, Principles and Logic of Acceptance Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
FAQs on Monetary Instruments, Principles and Logic of Acceptance Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What are monetary instruments? |  |
Ans. Monetary instruments refer to any form of money or financial assets that can be used as a medium of exchange, such as cash, checks, money orders, and traveler's checks. These instruments carry a monetary value and can be easily transferred between individuals or organizations.
| 2. What are the principles of acceptance for monetary instruments? | |
Ans. The principles of acceptance for monetary instruments include the agreement to accept the instrument as a valid form of payment, the willingness to exchange the instrument for goods or services, and the recognition of the instrument's value as determined by the issuing authority. Acceptance of monetary instruments is essential for their circulation and functionality in the economy.
| 3. How do monetary instruments work? | |
Ans. Monetary instruments work by serving as a means of exchange for goods, services, or financial transactions. For example, cash can be used to make direct payments, while checks and money orders enable individuals to transfer funds electronically. The acceptance of these instruments by both parties involved in a transaction is crucial for their successful use.
| 4. What is the logic of acceptance for monetary instruments? | |
Ans. The logic of acceptance for monetary instruments is based on the trust and confidence that individuals and organizations have in the issuing authority and the value represented by the instrument. It relies on the belief that the monetary instrument can be exchanged for goods or services of equal value, ensuring its wider acceptance and circulation within the economy.
| 5. What are the legal considerations related to acceptance of monetary instruments? | |
Ans. The acceptance of monetary instruments may be subject to legal considerations, such as anti-money laundering regulations, counterfeit detection, and compliance with payment system rules. Businesses and financial institutions may need to adhere to specific guidelines and procedures to ensure the legality and security of accepting monetary instruments as a form of payment.
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