Match Each Statement with the Correct Term Below

question 41

Multiple Choice

Match each statement with the correct term below.
-accommodation party

• A)An order to pay a fixed sum of money, signed by a drawer, payable on demand or at a definite time.
• B)A specialized form of draft; an order to pay money drawn on a bank and payable on demand.
• C)Legal concept that makes written instruments freely transferable and therefore a readily accepted substitute for money.
• D)Paper that is payable to the possessor of an instrument; a check that is made payable to cash or that is indorsed in blank.
• E)A person who is in possession of an instrument drawn, issued, or indorsed to him or to his order, or to bearer or in blank.
• F)A signature on an instrument that specifies no indorsee and may consist of merely the signature of the indorser or her authorized agent.
• G)Issuer of a promissory note or Cd.
• H)A written acknowledgement by a bank of the receipt of money that it promises to repay, with interest at a stated rate; a specialized form of promise to pay money that is given by a bank.
• I)A person or organization to whom a draft is directed, and who is ordered to pay the amount of money specified therein; the bank on which a check is drawn.
• J)Issuer of a check or draft.
• K)A signature on an instrument that attempts to limit the rights of the indorsee in some fashion.
• L)Signature that identifies an indorsee to be paid; makes the instrument order paper.
• M)Oral, written, or electronic instruction to a receiving bank to pay or to cause another bank to pay a fixed amount of money to a beneficiary.
• N)Contractual protections from liability good against holders but not against holders in due course.
• O)An instrument involving two parties, one of whom promises to pay to the order of the second a stated sum of money either on demand or at a stated future date.
• P)Person who signs an instrument to lend her credit to another party to the instrument.
• Q)The transferee of a holder in due course succeeds to the rights of a holder in due course even if the transferee does not qualify for holder in due course status.
• R)The first bank into which an item is deposited for collection.
• S)Demand for payment or acceptance of an instrument.
• T)Acceptance of a check by a bank.
• U)Protections from liability good against all holders, including holders in due course.
• V)Piece of paper, which may contain an indorsement, that is affixed to an instrument.

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Definitions:

National Norms

Standard benchmarks derived from a wide population sample, used to compare individual or group test scores.

Median

The middle value in a list of numbers, which separates the higher half from the lower half.

National Counseling Exam

A standardized examination for counselors in the United States, designed to assess knowledge, skills, and abilities deemed important for effective professional practice.

National Norms

Statistical standards based on the performance of a national sample that provide benchmarks for comparing individual or group scores.