Question 1

A check is a special kind of draft,according to the UCC.

Accepted Answer

A) True 
 B)False

Question 2

Which statement is correct regarding the bank manager saying that the bank was a holder in due course,and that stop-payment orders could not affect the right of a holder in due course to collect?

Accepted Answer

A)  The bank manager is correct only if he can establish that the bank employee who actually paid the check had no knowledge of the stop-payment order.
B)  The bank manager is wrong.
C)  The bank manager is correct unless Lena can prove fraud in the factum on the part of Uptown Jewelry and that the bank was aware of the fraud.
D)  The bank manager is correct unless Lena can prove fraud in the factum on the part of Uptown Jewelry.
E)  The bank manager is correct unless Lena can affirmatively prove that the bank employee who actually paid the check had knowledge of the stop-payment order.F) All of the above
G) A) and D)

Question 3

A check that is drawn by one bank and is usually drawn on another bank is a[n] ________ check.

Accepted Answer

A)  Certified
B)  Registered
C)  Acknowledged
D)  Transferable
E)  Teller'sF) C) and D)
G) D) and E)

Question 4

Which statement is correct regarding whether Tom will have to bear the loss on the later forgeries,other than the first one,by Rose?

Accepted Answer

A)  Tom will not have to bear the loss because the forgeries were by an employee;otherwise,he would have had to bear the loss.
B)  Tom will not likely have to bear the loss because there was no delay in bank notification.
C)  Tom will have to bear the loss because the checks were cashed before he notified the bank.
D)  Tom will have to bear the loss because he did not notify the bank about the first forgery by Rose within 30 days.
E)  Tom will not have to bear the loss because forgeries were involved.F) A) and D)
G) A) and E)

Question 5

A special draft that orders the bank to pay a fixed amount of money on demand is a[n] ________.

Accepted Answer

A)  Promissory note
B)  Promissory draft
C)  Check
D)  Note
E)  Acknowledgment draftF) B) and E)
G) B) and C)

Question 6

A[n] ________ is when money is transferred by an electronic terminal,telephone,or computer.

Accepted Answer

A)  Consumer electronic transfer
B)  Computer generated transfer
C)  Wire transfer
D)  Automatic fund transfer
E)  Electronic fund transferF) A) and B)
G) A) and C)

Question 7

The UCC requires banks to certify a check if a customer has sufficient funds in the account.

Accepted Answer

A) True 
 B)False

Question 8

Set forth the characteristics that a traveler's check must have.

Accepted Answer

A traveler...

Question 9

________ allows a consumer to directly transfer funds from a banking account to a merchant.

Accepted Answer

A)  A pay-by-electronics system
B)  An electronic authorized system
C)  An authorized direct pay system
D)  A point-of-sale system
E)  A direct pay systemF) B) and E)
G) A) and D)

Question 10

Which part of the UCC governs the transfer of checks between banks?

Accepted Answer

A)  Article 1
B)  Article 2
C)  Article 3
D)  Article 4
E)  Article 5F) A) and D)
G) A) and C)

Exam 29: Checks and Electronic Fund Transfers

A[n] ________ is when money is transferred by an electronic terminal,telephone,or computer.

Correct Answer
verified

Set forth the characteristics that a traveler's check must have.

Correct Answer
verified
A traveler...
View Answer

Which statement is correct regarding the bank manager saying that the bank was a holder in due course,and that stop-payment orders could not affect the right of a holder in due course to collect?

Correct Answer
verified

A special draft that orders the bank to pay a fixed amount of money on demand is a[n] ________.

Correct Answer
verified

A check that is drawn by one bank and is usually drawn on another bank is a[n] ________ check.

Correct Answer
verified

________ allows a consumer to directly transfer funds from a banking account to a merchant.

Correct Answer
verified

Which part of the UCC governs the transfer of checks between banks?

Correct Answer
verified

The UCC requires banks to certify a check if a customer has sufficient funds in the account.

Correct Answer
verified

A check is a special kind of draft,according to the UCC.

Correct Answer
verified

Which statement is correct regarding whether Tom will have to bear the loss on the later forgeries,other than the first one,by Rose?

Correct Answer
verified

Exam 29: Checks and Electronic Fund Transfers

A[n] ________ is when money is transferred by an electronic terminal,telephone,or computer.

Correct AnswerverifiedShow Answer

Set forth the characteristics that a traveler's check must have.

Correct AnswerverifiedA traveler...View AnswerShow Answer

Which statement is correct regarding the bank manager saying that the bank was a holder in due course,and that stop-payment orders could not affect the right of a holder in due course to collect?

Correct AnswerverifiedShow Answer

A special draft that orders the bank to pay a fixed amount of money on demand is a[n] ________.

Correct AnswerverifiedShow Answer

A check that is drawn by one bank and is usually drawn on another bank is a[n] ________ check.

Correct AnswerverifiedShow Answer

________ allows a consumer to directly transfer funds from a banking account to a merchant.

Correct AnswerverifiedShow Answer

Which part of the UCC governs the transfer of checks between banks?

Correct AnswerverifiedShow Answer

The UCC requires banks to certify a check if a customer has sufficient funds in the account.

Correct AnswerverifiedShow Answer

A check is a special kind of draft,according to the UCC.

Correct AnswerverifiedShow Answer

Which statement is correct regarding whether Tom will have to bear the loss on the later forgeries,other than the first one,by Rose?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
A traveler...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified