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Please Briefly Describe These Three Summary Calculation Options and Provide

question 39

Essay

Please briefly describe these three summary calculation options and provide an example of when it would be used: Average, Minimum, and Maximum.


Definitions:

Note

A written promise to pay a specific sum of money to a specific person or bearer on demand or at a specified future time.

National Bank

A financial institution chartered and regulated by the federal government, usually involved in commercial banking services.

Drawee's Liability

The responsibility of the drawee (typically a bank) to pay the amount specified on a draft or check when properly presented for payment.

Certifies

The act of officially recognizing something as true, accurate, or in compliance with a particular standard.

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