A Check Will Be Instantly Returned by the Bank If

question 74

Multiple Choice

A check will be instantly returned by the bank if:

• A) it was written more than 30 days ago
• B) a mistake is corrected with a single line and is initialed
• C) the signature is missing
• D) the written amount is the same as the numeric amount

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Definitions:

Public Warehouse Agreement

A contract between a warehouse owner and a renter specifying the storage, handling, and management of goods in a public warehouse.

Third Party

An external entity involved in a transaction or agreement that is separate from the principal parties.

Factoring Procedures

The financial transaction where a business sells its accounts receivable to a third party to get immediate cash, minus a fee.

Short-term Financing

This refers to financial obligations or loans that are due for repayment within a period of one year or less, often used for managing daily business operations.