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O-LevelCommerceBanking7100/11 · Oct/Nov 2017 · Q321 Mark

Why are deposits at commercial banks classified as money?

AThey are liabilities to banks.

BThey can be used to settle debts.

CThey can be withdrawn at any bank.

DThey earn interest for the depositor.

✓ Correct answer

B: They can be used to settle debts.

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About this question

Topic: Banking, O-Level Commerce (syllabus 7100). Multiple choice, 1 mark.
Source: O-Level Commerce, Oct/Nov 2017 Paper 1 Variant 1, question 32.

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