Quint Signs a Check "Pay to the Order of Rona

question 68

Multiple Choice

Quint signs a check "pay to the order of Rona" drawn on Quint's account at Suburban Bank. Quint has $400 in his account but the amount of the check is $500, which the bank pays. This is

• A)a dishonored check.
• B)an overdraft.
• C)a certified check.
• D)a stale check.

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Definitions:

Indirect Tax

A tax levied on goods and services rather than on income or profits.

Corporate Income Tax

A tax imposed on the net income of corporations, calculated after allowable deductions and credits.

Federal Personal Income Tax

A tax levied by the federal government on the annual income of individuals.

Federal Tax Revenue

The financial income generated by the government through taxation, which includes individual income taxes, corporate taxes, and other taxes.