Jeopardy

By : Esther Michael

The Acceptor is the ..

Ans. A drawee who has written “accepted” on the document and

signed his/her name

Check issued against checking account with insufficient funds to cover it

• Answer. Bad check

Ans. Cashier’s check -

• A check the bank draws on itself•

ANS Certificate of Deposit

• A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date

Ans. Certified Check

• A personal check that has been accepted by a bank before payment

•

Ans. Check -

• Draft drawn on a bank and payable on demand

•

Ans. Demand note

• Payable whenever the payee demands payment

Ans Drawee

• One ordered to pay the money

Ans Drawer

• Orders the money to be paid

Electronic Fund Transfer

• Banking method in which computers and electronic technology are used as a substitute for checks and other paper forms of banking

Forged check

• Check signed by someone else other than drawer and without authority

Paid in a series of payments

• Installment note -

Maker –

• Party agreeing in writing to pay money to another.

•

Money order

• Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser

Note -

• A written promise by one person to pay money to another person

Payee -

• One who is to receive the money

Sight draft -

• A draft payable as soon as it is presented to drawee for payment

•

Sight draft

• A draft payable as soon as it is presented to drawee for payment

•

Stale check -

• A check that is more than six months old

Teller’s check

• Draft drawn by a bank on funds that it has on deposit at another bank

Time draft

• Not payable until the lapse of a particular time period stated on the draft

•

Time note

• Payable at a future date that is written on the face of the note

Trade acceptance

• Used by a seller of goods to receive payment or to extend credit

Traveler’s checks

• Draft drawn by a well-known financial institution on itself or its agent