A _________Is a Telegraphic Communication That, Via Bookkeeping Entries, Removes

question 141

Multiple Choice

A _________is a telegraphic communication that, via bookkeeping entries, removes funds from the payer's bank and deposits them in an account of the payee's bank.

• A) direct send
• B) preauthorized check
• C) depository transfer check
• D) wire transfer

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Definitions:

Principal amount

The principal amount refers to the initial sum of money borrowed in a loan or invested, excluding any interest or additional fees.

Compounded quarterly

Refers to the calculation and addition of interest on a principal amount four times a year.

Annual scholarships

Financial awards given to students once a year to support their education, often based on merit, need, or specific criteria set by the scholarship provider.

Semi-annual dividend

A payment made to shareholders from a company's earnings, distributed twice a year.