Money and Banking (part – II)

'Smart Money' is a term used for credit card.

'Plastic money' refers to hard plastic card we use every day in place of actual bank notes. They can be in many different forms such as credit cards, debit cards, prepaid cash card, smart cards and store cards etc.

'Plastic money' refers to hard plastic card we use every day in place of actual bank notes. They can be in many different forms such as credit cards, debit cards, prepaid cash card, smart cards and store cards etc.

In banking transactions, personal identification number (PIN) is numerical code issued with a payment card that is required to be entered to complete various financial transactions. The core purpose of a personal identification number (PIN) is to provide and additional layer of security to the electronic transaction process.

Credit card of a nationalized bank is not a prepaid payment instrument, and rest of the options are prepaid payment instrument .

Market is the place, where commodities and services are purchased and sold. The buying selling of commodities and service are occured on the basis of production costs, which is called commodities or service price. So, for the existence of a market, prices are indispensable.

Market is an economic tendency, which leads to consumerism.

A buyer's market refers to a situation where supply exceeds demand, and purchasers have an advantage over sellers in price negotiations.

Accounting is often referred to as the 'language of business' because it serves to communicate financial information about a company or organization. This vital function enables stakeholders, such as investors, creditors, and management, to understand a company's financial performance and position. Accounting plays a vital role in running a business as it provides all information needed by a businessman. It helps to track income and expenditure, ensure statutory compliance and provide investors, management, and government with quantitative financial information which can be used in making business decisions. Hence, both (A) and (R) are true and (R) is the correct explanation of (A).

A stipulation in a contract of sale with reference to goods which are the subject thereof may be a condition or a warranty. A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. A warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated. Hence, (A) is true but (R) is false.