A ____ Requires Immediate Payment by the Drawee to the Payee

question 484

Multiple Choice

A ____ requires immediate payment by the drawee to the payee.

• A) time draft
• B) balloon draft
• C) bank draft
• D) personal draft
• E) none of the other choices are correct

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Definitions:

Interest Rate

The percentage charged on a sum of money borrowed or earned on a sum of money invested, typically expressed as an annual percentage rate.

Saving

The portion of income not spent on current consumption but set aside for future use, often put into investments or deposit accounts.

Investment

Allocation of resources, usually money, to generate income or profit, including purchases of bonds, stocks, or property.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by high unemployment, deflation, and a significant fall in economic activity.