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A paper instructing the bank to pay a specific amount from a person's account to another person in whose name it has been
issued is known as:
cash
cheque
passbook
currency
- A cash is physical currency—coins and bills—used to pay for goods and services directly. It does not involve instructing a bank to pay anyone, just a direct handover of money.
- A cheque is a written order instructing a bank to pay a specific amount of money from the account of the person issuing it, to the person named on the cheque. It acts as a means of transferring money without needing physical currency on hand.
- A passbook is a record book used by accountholders to track transactions and balances in their bank accounts. It is not a method of payment.
- Currency refers to the system of money in general use in a particular country, mainly encompassing coins and paper bills. It is not a specific order for payment from a bank account.
Option 2 - cheque is indeed the correct answer.
By: santosh ProfileResourcesReport error
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