Solution:
Precious metal is not a modern form of money.Money is a modern paper currency, along with coins and demand deposits. Money holds value and can be used as a medium of exchange. In day-to-day transactions, goods and services can be bought and sold with the help of money. Transactions can be made with money, as a person holding money can exchange it for any commodity or service. It can also be exchanged while consuming any service, such as a doctor, teacher, etc. A cheque is a paper command given by the bank to pay a specific amount from the person’s account to the person whose name the cheque has been issued.
