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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 5 Practice Test Review Test Submission: Module 5 Practice Test Review Test Submission: Module 5 Practice Test User Kristen M Ritch Submitted 3/5/11 5:25 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 5 seconds out of 2 hours and Instructions Question 1 Dru signs a check "pay to the order of Eppie" drawn on Dru's account in First Federal Bank. Greta forges Eppie's indorsement. First Federal pays the check. Most likely Selected Answer: [None Given] Correct Answer: First Federal will have to recredit Dru's account. 0 out of 2 points Question 2 Each bank in a collection chain must pass a check on before midnight of the day of its receipt. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 A bank is obligated to pay an uncertified check presented less than six months from its date. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 Elmer can write checks on his account at Finance Bank. Gina steals the checks, forges Elmer's signature, and cashes the checks at Finance. The bank is excused from any liability if, after receipt of the first forged check, Elmer fails to report the forgeries within Selected Answer: [None Given] Correct Answer: three years. 0 out of 2 points Question 5 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Faculty & Course Informati Assignments Course Documents Discussion Board My Grades Communication Tools Resources Dora writes a check for $100 drawn on Eastern Bank and presents it to Fast Cash, Inc., for payment. If the check is not backed by sufficient funds, Dora may be prosecuted for Selected Answer: [None Given] Correct Answer: fraud. Question 6 Simon signs a check "pay to the order of Tilly" drawn on Simon's account in United Bank. Vela forges Tilly's indorsement, First Federal Bank cashes the check, and Vela disappears. United pays First Federal and debits Simon's account. Most likely, the ultimate loss will fall on Selected Answer: [None Given] Correct Answer: United Bank. 0 out of 2 points Question 7 When a check "bounces," its holder can resubmit the check later, hoping that sufficient funds will be available. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 8 Pat, the manager of Quik Mart, deposits the store's receipts in its account at Regional Bank. As to the receipts, the relationship between Quik Mart and the bank is Selected Answer: [None Given] Correct Answer: creditor and debtor. 0 out of 2 points Question 9 E-Bank, an online financial institution, gives financial information about Paula and other customers to a federal agency without the customers' permission. E-Bank may be liable under Selected Answer: [None Given] Correct Answer: the Right to Financial Privacy Act.... View Full Document

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