Dalton Presents an Uncertified Check for Payment More Than Six

question 15

Multiple Choice

Dalton presents an uncertified check for payment more than six months after its date. The check was drawn by Emma on her account in First Bank. First bank may do all of the following except

• A) cash the check.
• B) consult Emma.
• C) refuse to cash the check.
• D) ask Dalton what he would prefer.

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Definitions:

Fixed Exchange Rates

A currency system where the value of a country's currency is pegged to another currency, a basket of currencies, or a commodity like gold, minimizing fluctuations in exchange rates.

International Monetary Reserves

International monetary reserves are assets held by central banks or monetary authorities in various forms, such as foreign currencies, gold, and Special Drawing Rights (SDRs), used to back the currency and support economic policies.

Domestic Macroeconomic Adjustments

Changes made within a country's economy to address macroeconomic issues such as inflation, unemployment, and economic growth.

Foreign-exchange Reserves

Assets held by a central bank in foreign currencies, which are used to back liabilities on their own issued currency as well as to influence monetary policy.