Which of the Following Statements Is True of Wire Transfers

question 26

Multiple Choice

Which of the following statements is true of wire transfers?

• A) Article 4A of the UCC, which covers wire transfers, includes consumer payments that are covered by the Electronic Funds Transfer Act (EFTA).
• B) International wire transfer systems are known as "Fedwire."
• C) The Federal Reserve operates a domestic wire transfer system that can be made through New York Clearinghouse Payments System (CHIPS).
• D) Electronic funds transfers between business and financial institutions are generally referred to as wholesale wire transfers.

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Definitions:

Sociological Approach

A way of studying society that involves understanding human behavior by placing it within its broader social context.

Functionalism

A theoretical perspective in sociology and anthropology that views society as a complex system whose parts work together to promote solidarity and stability.

Life Cycle

refers to the series of stages through which an individual, organism, or entity passes from birth or inception to the end of its life.

Social Change

The transformation over time of the institutions, culture, and structure of society.