Definition 1
Where goods and services are exchanged directly for other goods and services without a medium of exchange, like money being used.
What is a Barter System
A promissory note and legal tender, issued and backed by the government, payable on demand to the holder.
What is Banknote
The actual, inherent worth of something, based on its fundamental
What is Intrinsic Value
An unchangeable, decentralized, digital ledger distributed across a network of computers.
What is a Blockchain
An electronic method of payment allowing the card owner to purchase goods and services on credit.
What is A Credit Card
The act of creating, altering, or imitating objects, documents, or signatures, with the intent to deceive or defraud by passing off the forged item as genuine.
What is Forgery
A form of money that has intrinsic value due to its physical properties.
What is Commodity Mone
An aspect of money, whereby a government officially sanctions it for the payment of debts, taxes, and other financial obligations.
What is Legal Tender
A check that cannot be processed due to insufficient funds in the bank account it's drawn from (the payor’s), leading to its rejection by the bank and a return to the issuer (payor).
What Is A Bounced Check
The study or use of techniques to scramble or hide data, and validate messages and digital signatures, in order to secure digital information.
What Is Cryptography
An instrument that represents a standard and agreed upon value,
used to purchase goods and services and to pay debts.
What is Medium of Exchange
The illegal imitation or reproduction of currency, documents, goods, or other items with the intent to deceive or defraud by passing them off as genuine.
What is Counterfeit
A medium of exchange that facilitates the buying and selling of goods and services in an economy.
What is Money
Physical forms of money, such as banknotes and coins, that serve as a medium for exchanging goods and services.
What Is Cash
An electronic method of payment where the funds are deducted directly from the card owner's bank account.
What Is A Credit Card
Transactions where goods, services, or assets are traded between parties, usually involving money as a medium of exchange.
What Is Financial Exchnage
The official form of money in active circulation within a country, including both physical forms like paper bills and coins, as well as the digital or accounting representation of it within the banking system.
What is Currency
A monetary system where a country's basic unit of currency equals
What is The Gold Standard
A form of payment that is dated and signed by the payor, directing the payor's bank to pay a specific amount of money to the payee the check is written.
What Is A Check
A software-based system that securely stores users' payment information and passwords for numerous payment methods and websites, enabling transactions to be made electronically through a computer or smartphone.
What is A Digital Wallet
An asset that maintains its value over time without depreciating significantly
What is Store of Value
Money issued by governments, not backed by physical commodities like gold and silver, but by trust in the issuer.
What is Fiat Currency
A network for processing electronic financial transactions in batches, enabling efficient and cost-effective direct deposits and payments.
What is ACH (Automated Clearing House)
A deposit account that allows for easy and frequent cash deposits and withdrawals.
What Is A Checking Account
An electronic transfer of money.
Extra Points :
An individual or entity responsible for making a payment to another party
What Is EFT (Electronic Funds Transfer)
Extra Points :
What Is Payor: