What comes under the classification of money?
Answer & explanation
Correct answer: option 4
Money can be classified under 3 heads:
Full bodied money: Whose face value is equal to the intrinsic value. Example: gold coins
Representative full bodied money: Whose face value is greater than the intrinsic value. Example: paper money
Credit money: Whose value for monetary purpose is greater than its value for non-monetary purposes. For examples: token coins