How Quickly Can a Bank Receive Payment Once It Transmits

question 82

Multiple Choice

How quickly can a bank receive payment once it transmits a copy of a check to the bank on which the check was drawn?

• A)Immediately
• B)In one day
• C)Between one and two days
• D)In two days
• E)Between two and three days

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Definitions:

Sales Volume

The amount of goods or services a company sells during a particular timeframe.

Fixed Costs

Costs that remain constant regardless of the amount of goods produced or sold in a brief timeframe, including charges like rent, salaries, and insurance.

Units of Production

A depreciation method that allocates the original cost of an asset over its total estimated production capacity.

Direct Materials Cost Variance

The difference between the actual cost of direct materials used in production and the standard cost of those materials.