Asked by
Brian Desreuisseau
on Nov 28, 2024Verified
Riley signs a check "pay to the order of State University" drawn on his account at Town Bank to pay tuition and fees. Like most checks, this check is
A) actual cash.
B) virtual cash.
C) a special type of draft.
D) a type of electronic fund transfer.
Special Type Of Draft
A particular form of negotiable instrument, such as a check or bill of exchange, with specific conditions or purposes.
Electronic Fund Transfer
A digital transaction that moves funds from one account to another without the use of cash or paper checks.
- Comprehend the functions and duties of the drawer, drawee, and payee within the framework of check transactions.
- Investigate the influence of contemporary banking methods, such as digital funds transfer, on conventional check processing activities.
Verified Answer
SK
Learning Objectives
- Comprehend the functions and duties of the drawer, drawee, and payee within the framework of check transactions.
- Investigate the influence of contemporary banking methods, such as digital funds transfer, on conventional check processing activities.