CBSE Class 12-commerce Answered
Differentiate between fiat money and fiduciary money.
Asked by Topperlearning User | 18 Apr, 2016, 10:57: AM
Expert Answer
Fiat money refers to money backed by order or authority of the government. Example: Notes and coins.
Fiduciary money refers to money backed up by trust between the payer and payee. Example: Cheques are fiduciary money as these are accepted as a means of payment on the basis of trust but not on the basis of any order of the government.
Answered by | 18 Apr, 2016, 12:57: PM
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