Bob Took a Check Written by Jack to Jack's Bank

question 60

Multiple Choice

Bob took a check written by Jack to Jack's bank to be certified.The bank stamped "Certified" on it and gave it back to Bob.What consequence?

• A)Bob can only demand the money from Jack.
• B)The bank is now primarily liable on the check.
• C)The bank would have to pay if Jack doesn't.
• D)Bob would have to pay if the bank doesn't.

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Definitions:

Trading Investments

Securities bought and held primarily for selling in the short term to profit from price differences.

Realized Gain

The profit made from selling an asset at a higher price than its purchase cost.

Fair Values

the estimated market value of an asset or liability, based on current prices in an open and competitive market.

Temporary Investments

Investments in stocks, bonds, or other securities that a company intends to sell within a short period, typically one year.