Upload
roderick-sharp
View
223
Download
0
Embed Size (px)
Citation preview
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