Match Each Term with Its Definition

question 53

Multiple Choice

Match each term with its definition.
-Negotiable instrument often used by individuals who do not have checking accounts or to meet the requirement for purchasing an item or service

• A)deposit record
• B)deposit slip
• C)electronic funds transfer system
• D)endorsement
• E)endorser
• F)third-party check
• G)limited check
• H)maker
• I)MICR numbers
• J)money order

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Definitions:

Demand

The amount of a product or service that buyers are ready and capable of buying at different price levels over a specific period.

Rent

A payment made by a tenant at regular intervals in exchange for the use of land, a building, an apartment, an office, or other property.

Usury Law

Legislation that places a cap on the interest rates that can be charged on loans, intended to protect consumers from excessively high charges.

Interest Rate

The amount charged by lenders to borrowers for the use of assets, usually expressed as a percentage of the principal, influencing borrowing and saving behaviors.