If Any Check Is Written in Excess of the Amount

question 18

Multiple Choice

If any check is written in excess of the amount in the account, it is returned to the payee marked _______.

• A) COB
• B) CDT
• C) NSF
• D) none of the above

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Definitions:

Inelastic Demand

Refers to a situation where demand for a product does not significantly change with a change in the product's price.

Higher Price

A situation where the cost of a good or service is increased beyond its standard or previous rate.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding opportunity costs.

Marginal Revenue

The extra revenue received from the sale of an additional unit of a product or service.