When an Organization Has the Resources and a System Must

question 21

Multiple Choice

When an organization has the resources and a system must be built from scratch,an organization should choose what type of software?

• A)In-house development
• B)Prepackaged software
• C)Off the shelf
• D)Open source

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Definitions:

Promissory Note

A promissory note is a financial instrument in which one party (the issuer) promises in writing to pay a determinable sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.

Proper Presentment

The formal process of presenting a document, such as a check or draft, to the appropriate party for payment or acceptance.

Certify A Check

Is the process by which a bank confirms that there are sufficient funds in the check writer's account to cover the amount written on the check, and so guarantees its payment.

Dishonor

The refusal or failure to accept or pay a bill of exchange, promissory note, or other negotiable instrument when due.