Asked by Kayley Klein on May 30, 2024
Verified
The first checks were probably notes written to a goldsmith asking him to transfer ownership of some designated amount of gold from the writer of the note to its bearer.
Goldsmith
A craftsperson skilled in making items of gold.
Ownership Transfer
The process by which the legal rights to an asset are transferred from one party to another, often involving formal documentation.
- Comprehend the role of money as a medium of exchange, store of value, and unit of account.
Verified Answer
PN
Princess NessaJun 03, 2024
Final Answer :
True
Explanation :
This is a widely accepted theory regarding the origin of checks. The first known checks were used in the ancient world by traders to pay for goods and services without the need to carry around heavy bags of gold or other precious metals.
Learning Objectives
- Comprehend the role of money as a medium of exchange, store of value, and unit of account.
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