Which of the Following Is True About Electronic Check Presentment

question 17

Multiple Choice

Which of the following is true about electronic check presentment?

• A) The UCC is silent as to electronic check presentment.
• B) The individual who encodes the information from the check does not need to warrant that the information is correct.
• C) Only the actual check may be transmitted for payment between banks.
• D) Banks may transmit substitute checks, instead of the actual checks, for payment between banks.
• E) It is not possible process checks on the day of deposit.

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Definitions:

Endowed

Provided with a large amount of a particular resource or quality, often referring to natural resources, wealth, abilities, or characteristics given to individuals or places.

Competitive Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied, in a perfectly competitive market.

Utility Function

A utility function is an economic model representing satisfaction or preference a consumer derives from consuming goods and services.

Initial Endowment

The original allocation of resources, such as wealth or goods, that an individual or entity starts with.