Which of the Following Statements Is Not Correct

question 101

Multiple Choice

Which of the following statements is not correct?

• A)The poverty line is an absolute level of income set by the federal government below which a family is considered to be in poverty.
• B)The poverty line is approximately equal to three times the cost of providing an adequate diet.
• C)The poverty line is adjusted annually to reflect changes in price levels.
• D)The poverty line is adjusted semiannually to reflect changes in fuel prices.

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Definitions:

Drawee

The party directed by a draft or check to pay a certain amount of money, typically a bank.

Payee

The individual or entity to whom money is paid or owes to be paid.

Negotiable Instrument

A negotiable instrument is a written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the characteristic of being transferable by endorsement or delivery.

Validity

Validity refers to the state of being legally sound, effective, or binding; it is the quality of conforming to law or fact.