Jeopardy By : Esther Michael The Acceptor is the.. Ans. A drawee who has written “accepted” on...
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Transcript of Jeopardy By : Esther Michael The Acceptor is the.. Ans. A drawee who has written “accepted” on...
![Page 1: Jeopardy By : Esther Michael The Acceptor is the.. Ans. A drawee who has written “accepted” on the document and signed his/her name.](https://reader030.fdocuments.us/reader030/viewer/2022033100/56649f565503460f94c7a38a/html5/thumbnails/1.jpg)
Jeopardy
By : Esther Michael
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The Acceptor is the ..
Ans. A drawee who has written “accepted” on the document and
signed his/her name
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Check issued against checking account with insufficient funds to cover it
• Answer. Bad check
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Ans. Cashier’s check -
• A check the bank draws on itself•
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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
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Ans. Certified Check
• A personal check that has been accepted by a bank before payment
•
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Ans. Check -
• Draft drawn on a bank and payable on demand
•
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Ans. Demand note
• Payable whenever the payee demands payment
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Ans Drawee
• One ordered to pay the money
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Ans Drawer
• Orders the money to be paid
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Electronic Fund Transfer
• Banking method in which computers and electronic technology are used as a substitute for checks and other paper forms of banking
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Forged check
• Check signed by someone else other than drawer and without authority
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Paid in a series of payments
• Installment note -
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Maker –
• Party agreeing in writing to pay money to another.
•
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Money order
• Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser
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Note -
• A written promise by one person to pay money to another person
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Payee -
• One who is to receive the money
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Sight draft -
• A draft payable as soon as it is presented to drawee for payment
•
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Sight draft
• A draft payable as soon as it is presented to drawee for payment
•
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Stale check -
• A check that is more than six months old
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Teller’s check
• Draft drawn by a bank on funds that it has on deposit at another bank
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Time draft
• Not payable until the lapse of a particular time period stated on the draft
•
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Time note
• Payable at a future date that is written on the face of the note
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Trade acceptance
• Used by a seller of goods to receive payment or to extend credit
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Traveler’s checks
• Draft drawn by a well-known financial institution on itself or its agent