A Bank in the Collection Process That Is Not the Depository

question 39

True/False

A bank in the collection process that is not the depository bank or the payer bank is called an intermediary bank.

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Definitions:

Budgeting Factor

An element or variable that is considered in the preparation of a budget, influencing or determining the amounts allocated within the budget.

Time Frame

Refers to the specific duration during which an activity or event occurs.

Objectives

Specific, measurable goals that a person or organization aims to achieve within a defined timeframe.

Promotion

Marketing activities aimed at increasing awareness, interest, and sales of a product or service, including advertising, sales promotions, and public relations.