13 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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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 6:05 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 17 seconds out of 2 hours and Instructions Question 1 A customer has sixty days from the date of receipt of a statement of an electronic transfer to notify the financial institution of any errors. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 2 Trudy forges Uma's signature on a check "payable to the order of Trudy" drawn on Uma's account in Verity Bank. Most likely, if the bank pays the check Selected Answer: [None Given] Correct Answer: Verity will have to recredit Uma's account. 0 out of 2 points Question 3 A bank that encodes information on an item after its issue warrants to any subsequent bank that the information is correct. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 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. 0 out of 2 points Question 5 A bank is subject to a civil suit if its customer writes a bad check. Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: False Question 6 Liu signs a check "pay to the order of Marv" drawn on Liu's account in National Bank. Liu later orders National not to pay the check, but the bank pays it over Liu's order. Subsequent checks written on Liu's account "bounce." Most likely liable for the costs to Liu is Selected Answer: [None Given] Correct Answer: Marv. 0 out of 2 points Question 7 If a customer's debit card is lost or stolen, the customer will not be liable for any unauthorized use of the card. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 8 Jen signs a check "pay to the order of Key" drawn on Jen's account in Little Bank to buy Key's car. Jen asks Little Bank to indicate on the face of the check that it will accept it when Key presents it for payment. If the bank agrees, this will be Selected Answer: [None Given] Correct Answer: a certified check. 0 out of 2 points Question 9 A check carries with it an implied promise to reimburse the bank for paying the check. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 10 Scott presents an instrument that states "pay to the order of Scott" to Town Bank for payment. This instrument is the most common type of negotiable instrument, which is Selected Answer: [None Given] Correct Answer: a check. 0 out of 2 points
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This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

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13 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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