Question

Ganesh travelled to mall by bus. He gave the conductor $10 coin for ticket. He purchase many commodities from mall .

At billing counter ,he gave his credit card for payment but billing clerk informed him that only debit card accepted . Since ganesh had forgotten his debit card at home,he offered to make payment by cash .
identify the types of money used in information.

Answer 1

Ganesh used coin money for bus fare and cash at the mall. Credit and debit cards are forms of plastic money, with the latter being direct money transfer tools and the former being short-term loans.

Step-by-step explanation:

scenario described:

In the scenario described, Ganesh uses two types of money: coin money for the bus fare and cash for the commodities at the mall. The credit card is not considered money, but a form of plastic money that represents a short-term loan from the credit card company to the customer. When you use a credit card, the company pays the seller on your behalf and bills you later.

The debit card, which Ganesh forgot to bring, directly transfers funds from his bank account to the seller and is considered as checkable deposits, a form of money. Plastic money like debit cards, smart cards, and credit cards are tools for moving money but do not in themselves constitute an increase in the money supply. Ganesh offered to make payment by cash at the billing counter. Ganesh initially tried to use his credit card for payment, but it was not accepted at the mall.