Scenario 7-2

question 23

Multiple Choice

Scenario 7-2. Jack loves computers and has since he was a child. He spends every waking hour programming, rebuilding, and tinkering with any computer he can find. He has just graduated with a bachelor's degree in computer science and is trying to decide what to do with the rest of his life. The computer stores in the town in which he lives are not places he would want to work. They are known for slow service, lack of quality computers, and inability to service the computers they sell. He is contemplating opening his own small business; however, lack of funds is his major problem. To deal with his lack of funds, initially he would concentrate on repair and service of existing computer systems and then expand into selling new computers as his capital base grew. He knows he could do a better job with customer service than what his competitors currently are doing.
-In Scenario 7-2, one of the major advantages that Jack would possess in his new business venture would be which of the following?

• A) his education
• B) his experience with computers over the last several years and his knowledge of the industry
• C) his source of funding
• D) his enthusiasm

Understand the importance of diversified banking practices to mitigate potential risks.

Understand the importance of recognizing and implementing specific security features in checks to prevent fraud.

Identify best practices in accepting checks to ensure their validity and protect against fraud.

Learn the significance of check endorsements and the appropriate practices for handling received checks.

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Definitions:

Psychological Process

The mental operations that underlie human behavior and interactions, including cognition, emotion, perception, and motivation.

Self-serving Bias

A cognitive tendency to perceive oneself in a way that is overly favorable, attributing successes to personal characteristics and failures to external factors.

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors; it is what causes individuals to act or react in a particular manner.

High Degree

A term describing a level of education or achievement that is considerably above average, often referring to advanced academic degrees.