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