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10 - NR275.BUS.241.35.SP11[Spring 2011 BUS 241-35 Business...

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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 6:00 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 4 seconds out of 2 hours and Instructions Question 1 The bank on which a check is drawn is the payor bank. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 2 Currently, it is not clear which, if any, laws apply to the security of e-money payment information. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 3 Certified checks are instruments that have been accepted for payment by the institutions on which they are drawn. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 Generally, a bank has no obligation to pay a customer's overdrafts. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 5 A bank that pays a customer's check with a forged drawer's signature can generally pass the loss onto the customer. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 6 A bank cannot recover from a holder who cashes a check bearing a 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Faculty & Course Informatio Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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forged indorsement once the bank has accepted and paid the item. Selected Answer: [None Given] Correct Answer: False Question 7 Ian buys a cell phone in Jiffy Mart, using the means that accounts for more retail payments than any other. This means of payment is Selected Answer: [None Given] Correct Answer: a debit card. 0 out of 2 points Question 8 First Community Bank agrees to accept a check by setting aside sufficient funds to cover the amount. This check is considered Selected Answer: [None Given] Correct Answer: certified. 0 out of 2 points Question 9 A bank that fails to detect an alteration to its customer's check is liable to the customer for the loss. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 10 Financial institutions that exchange digital images of checks do not have to exchange the original paper checks. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 11 Generally, the funds represented by a deposited local check must be available for withdrawal within one business day. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 12 Kip writes a check for $1,000 drawn on Local Bank and presents it to Mira. Mira presents the check for payment to Local Bank, which dishonors it. The party most likely liable to Mira is Selected Answer: [None Given] Correct Answer: Kip in a civil suit.
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