WBCS.LIVE practice question

Which of the following is known as Plastic Money? -1) Demand Draft -2) Credit Card -3) Debit Card

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Only 1
  2. Only 2
  3. Only 3
  4. Both 2 and 3E. All of the above

Correct answer and explanation

Correct answer: Both 2 and 3E. All of the above

Explanation: āœ… Correct Answer: D) Both 2 and 3 šŸ“š Explanation: Credit Cards and Debit Cards are commonly referred to as 'Plastic Money' because they are made of durable plastic polymers and are used as electronic payment alternatives to physical cash or paper bills. They facilitate cashless transactions at points of sale and online portals. Demand drafts, being paper instruments, do not fall under this category. Therefore, option D correctly groups the plastic payment cards.