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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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 6:14 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 6 seconds out of 2 hours and Instructions Question 1 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 2 Dan writes a check to Emma on his account at First State Bank. The bank dishonors the check even though Dan has sufficient funds in his account. The bank is Selected Answer: [None Given] Correct Answer: liable to Dan only. 0 out of 2 points Question 3 Guaranty Bank receives a check drawn on the account of Get-Rich Industries, Inc., one of the bank's customers, at 3 p.m. Friday. Garry, the presenter of the check, is not one of the bank's customers. The bank uses deferred posting with a 2 p.m. cutoff hour. If it decides to dishonor the check, it must do so by midnight Selected Answer: [None Given] Correct Answer: Tuesday. 0 out of 2 points Question 4 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 5 Kris presents an instrument that states "pay to the order of Liv" to Metro Bank for payment. This is a special type of draft drawn on a 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
bank, ordering the bank to pay a fixed amount of money on demand. This is Selected Answer: [None Given] Correct Answer: a check. Question 6 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 7 Rikki signs a check "pay to the order of Scholar University" drawn on Rikki's account in State Bank to pay her tuition. Rikki is Selected Answer: [None Given] Correct Answer: the drawer. 0 out of 2 points Question 8 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 9 John writes a check to Kay as payment for a DVD player but soon discovers the player is broken. He goes to the drawee bank and orally authorizes Larry, a bank officer, to stop payment on the check. This order is valid for Selected Answer: [None Given] Correct Answer: fourteen days. 0 out of 2 points
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 9

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online